OREANDA-NEWS. December 11, 2012. Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC “Polymetal” – “Polymetal”, the “Company”, or the “Group”) is pleased to announce that on 4 December 2012 the Board of Directors of the Company approved a special dividend of USD 0.50 per share for the year ending 31 December 2012, reported the press-centre of Polymetal.

Dividend declaration
In accordance with the Company’s new dividend policy announced on 17 October 2012, the Directors of Polymetal, having considered the performance of the Group during the year to date, available free cash flows and future investment requirements, have resolved to pay a special dividend of USD 0.50 per ordinary share, representing a total of approximately USD 191 million.

The dividend will be paid on 21 January 2013 in US Dollars, with an option for shareholders to elect to receive the dividend in pounds sterling. Such election should be made not later than 7 January 2013. Shareholders should note the change in default currency from GBP to US Dollars and that all current currency elections are being revoked and payment of the special dividend will be made in US Dollars unless the shareholder submits a new currency election by the above deadline. Payments in pounds sterling will be based on the USD /GBP exchange rate determined by the Company on 10 January 2013 and announced immediately thereafter.

Details:

EX DIV DATE: 12 December 2012

RECORD DATE: 14 December 2012

LAST DATE FOR CURRENCY ELECTION: 7 January 2013

PAYMENT DATE: 21 January 2013

The Company’s dividend policy is that regular dividends shall represent 30% of the Company’s net earnings provided that net debt / adjusted EBITDA is below 1.75. The amount of the final dividend for the year will be reviewed by the Board in due course in accordance with this policy and recommended to shareholders for their approval at the Annual General Meeting in 2013.

Commenting on the Board’s decision, Vitaly Nesis, CEO of Polymetal, said: “The declaration of the first special dividend in the Company’s history reaffirms our commitment to capital discipline and is also a result of solid operating and financial results of the Group to date. The implementation of our new dividend policy reflects the importance we place on delivering meaningful cash returns to our shareholders and sustainable value creation”.