Nordgold schedules AGM for June 15, recommends no final dividend
MOSCOW. April 28 (Interfax) - Directors at Nordgold have scheduled this year's annual shareholders meeting for June 15, the gold miner said in a statement.
The board is recommending that shareholders vote to waive a final dividend for 2014.
Nordgold has paid interim dividends totaling $1.53 per share/GDR for Q1 2014, $3.81 for Q2 2014, $3.63 for Q3 2014 and $1.33 for Q4 2014 or a total of $39 million, which is 30% of adjusted net profit of the year, in keeping with dividend policy.
Nordgold is the former gold producing subdivision of Severstal's resource division, and it was spun off in January 2012. Steel magnate Alexei Mordashov is Nordgold's principal beneficiary with an 88.9% stake and the free float is around 11%
The company operates nine active mines in four countries - Russia, Kazakhstan, Guinea, and Burkina Faso - as well as a number of projects at the development and exploration stages.