January 5, 2016: Caledonia Mining Corporation (“Caledonia” or the “Company”) today announces that the Board of Directors has declared Dividend Number 11, this being a dividend of one and one eighth United States cents (US$0.01125) on each of the Company's common shares held at 5pm, Toronto time on the record date.
The relevant dates relating to the dividend are as follows:
Ex-dividend date for shares held on the Toronto register: January 13, 2016
Ex-dividend date for shares held on Crest in the UK: January 14, 2016
Record date: January 15, 2016
Dividend cheque mailing date: January 29, 2016
Shareholders who are registered in Canada and the United Kingdom will be paid in Canadian Dollars and Sterling, respectively. The Canadian Dollar and Sterling dividend payments will be calculated using the relevant Bank of Canada exchange rates at noon on the Record Date. Caledonia’s Revised Dividend Policy
Caledonia’s strategy to maximize shareholder value includes a quarterly dividend policy. In 2014, the Company paid an annual aggregate dividend of six Canadian cents ($0.060) per common share. The first quarterly dividend was paid on January 31, 2014 and subsequent quarterly dividends were paid at the end of April, July and October 2014 and at the end of January, April, July and October 2015.
On December 16, 2015 Caledonia announced that henceforth it will report its financial results in United States Dollars, commencing with the results for the quarter and 12 months to December 31, 2015 which will be released at the end of March 2016. The dividend to be paid at the end of January 2016 is therefore declared and denominated in United States Dollars. The quarterly dividend of 1.125 United States cents is Caledonia’s revised dividend policy and represents an annual dividend of 4.5 United States cents per annum.
It is currently envisaged that the existing dividend policy of 4.5 United States cents per annum, paid in equal quarterly instalments will be maintained. Caledonia will continue to maintain its strong financial position so that it can implement its stated growth strategy without the need to raise third party finance.
Proposed re-domicile from Canada to Jersey, Channel Islands |
