3C - Notice of share buyback
- On market
- Ordinary shares
- One for one
- Fully paid
Following the release of Stanmore Coal's Updated FY19 Earnings Guidance and based on strong operational performances to date, the Board of Stanmore Coal has resolved to declare a fully franked interim dividend of $0.03 per share.
All shareholders on the register at 5pm on 2 April 2019 ('Record Date') will be entitled to receive the dividend payment which the Company expects to pay on 30 April 2019. The ex-dividend date will be 1 April 2019.
The Board of Stanmore Coal Limited is pleased to announce as part of its capital management strategy that it is declaring a fully franked interim Dividend of 3 cps and intends to implement an on-market share buy-back (“buy-back”) for up to 10% of the Company’s fully paid ordinary shares (25.3 million shares.)
The Company’s Isaac Plains Complex continues to perform well above expectations and the operations have been de-risked with the dragline transitioning to the low strip ratio pits at Isaac Plains East during December 2018. This will enable production to increase while lowering unit costs. FY19 saleable coal production has been revised from 2.0Mt to 2.15Mt with an expected 90:10 product split between semisoft coking coal and thermal coal.
The company is well positioned to deliver this increased production based on its Q2 operational performance.
The dragline has successfully walked from Isaac Plains to Isaac Plains East where it is now operating as of 23 December 2018. The dragline relocation was on schedule and allows dragline access to low strip ratio coal resulting in significant cost reductions.
As required by s647(3) of the Corporations Act 2001 (Cth), we enclose a copy of the second Supplementary Target's Statement dated 21 December 2018 and served today by Stanmore Coal Limited (Stanmore) on Golden Investments (Australia) Pte. Ltd (Golden Investments), supplementing Stanmore's Target's Statement dated 12 December 2018 and Stanmore's first Supplementary Target's Statement dated 21 December 2018 in response to Golden Investments' Bidder's Statement dated 19 November 2018 as supplemented by the Supplementary Bidder's Statement dated 14 December 2018.
This Supplementary Target’s Statement supplements, and should be read together with, the Original Target’s Statement. The Supplementary Target’s Statement is an important document and requires your immediate attention.
Stanmore Coal confirms that it has today dispatched its Target's Statement (and accompanying Independent Expert's Report) to shareholders in relation to the Golden Investments (Australia) Pte Ltd takeover offer.
Shareholders with any questions in relation to the Offer can contact the Stanmore Coal information line on 1300 970 086.
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