At a meeting held on 25 July 2019, the Board of Directors of NLMK Group (LSE: NLMK, MOEX: NLMK), a vertically integrated steel company, recommended the Company's shareholders approve Q2'19 dividend in the amount of RUB 3.68 per share at the upcoming Extraordinary General Shareholders Meeting (EGM), which will take place on 27 September 2019.
The list of persons eligible to participate in the EGM will be compiled as of 2 September 2019. The Board of Directors also recommended that shareholders set 10 October 2019 as the date upon which the list of shareholders eligible to receive Q2ĺ19 dividend is determined.
Dividend yield* for Q2ĺ19 amounts to 14.6%. The total amount of Q2ĺ19 dividends payable to shareholders is equivalent to 136% of the Company's free cash flow based on its IFRS consolidated results for the corresponding period.
Previously, at the EGM held on 7 June 2019, NLMK shareholders approved Q1'19 dividends in the amount of RUB 7.34 per share. Total Q1'19 and Q2'19 dividends will amount to RUB 11.02 per share.
For more information about NLMK Group's dividend policy, please visit NLMK's website.
*Dividend yield is calculated as a sum of dividends per share for the past four quarters converted to US Dollars at the exchange rate on the date of quarterly dividend announcement divided by the close price on 25 July 2019.