28 Aug 2018 14:48

Globaltrans board approves interim and special dividends of 45.90 rubles per share

MOSCOW. Aug 28 (Interfax) - The board of directors of Globaltrans approved interim dividends in the amount of 21.10 rubles per share and special dividends of 24.80 rubles per share, the rail freight operator reported when releasing its financial statement for the first half of 2018.

Dividend payments will total 8.2 billion rubles, or 45.90 rubles per share.

The company has already said that if the current market situation continues it expects dividends for 2018 to total 16 billion rubles, like for 2017.

The shareholder dividend record date is set as September 4. The GDRs will be marked as ex-dividend on September 3, 2018.

The dividend will be paid in US dollars in the total amount of approximately 66.98 cents per one ordinary share/GDR not later than September 7, 2018, converted at the Central Bank of Russia's official exchange rate as of August 24, 2018 (68.5259 rubles/$1). Holders of GDRs will receive the dividend approximately three business days after the payment date.

The recommended overall dividends are equal to 109% of attributable cash flow for H1 2018. The interim dividends equate to 50% of attributable cash flow, as per the dividend policy. The special dividends are being paid "in order to maintain the group's efficient capital structure."

Globaltrans specializes in shipping metallurgical freight, oil products, construction freight and coal. It had around 67,000 units of rolling stock - mostly gondola and tank cars, and most of them owned - at end-2017. One company founder, Konstantin Nikolayev owns 11.2%, other founders Nikita Mishin and Andrei Filatov each own 11.5% of shares, and Alexander Yeliseyev, a non-executive director, holds 6.3% of shares, board chairman and strategy director Sergei Maltsev owns 4.6% and the free float is 54.9%.