The board of directors of Norilsk Nickel, the world’s largest producer of palladium and high-grade nickel, has recommended to approve the payment of interim dividends and conduct a share split at the extraordinary general meeting of shareholders on December 7.
The interim dividend payment for the 9 months of 2023 will amount to RUB 915.33 ($9.85) per ordinary share.
“The management consistently reported that essential pre-requisites to dividend payment were adequate free cashflow and conservative level of debt. Solid results for 9 months of 2023 allow the Board of Directors to recommend an interim dividend," said Sergey Malyshev, senior vice president and chief financial officer of the company.
Meanwhile the share split will be conducted with a ratio of 100 to 1 to improve their attractiveness to Russian investors and increase their liquidity on Moscow Exchange. This decision will not affect the dividend payment.
“The split will not affect the dividend payment recommended today by the board of directors. The split program will take several months, while the closing date to register dividends is December 26, 2023,” Malyshev said.
Currently, the price of one Norilsk Nickel share exceeds the average price of the main blue chips by several dozen times, which makes it difficult for a significant number of retail investors to buy them, he added.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
