Lucara Diamond reports that the Board of Directors has approved the return of C$172 million to shareholders by way of a special dividend of C$0.45 per share to the holders of its common shares.
A total dividend payment of C$0.465 per share was declared and will be paid on 16 September to holders of record of the company’s common shares at the close of business on the 2 September.
The payment of this dividend is consistent with the Lucara’s dividend policy providing for the payment of quarterly dividends and the payment, from time to time, of a special dividend based on revenues generated based on its overall financial position and other factors existing at the time under consideration.
The payment of future cash dividends under the policy is subject to the board’s continuing determination that the declaration of a dividend is in the best interests of Lucara Diamond and Lucara’s shareholders.
William Lamb, President and CEO of Lucara says that the company is rewarding its shareholders with a significant special dividend, which is unprecedented in the industry and shows their commitment to rewarding its shareholders based on the Lucara’s success in generating strong financial returns.
“The Karowe mine [in Botswana] is a premier diamond deposit and continues to recover high quality stones, which is resulting in continued growth in the company’s cash balance.”
“Following this dividend payment, we will continue to maintain a strong balance sheet and continue to seek value accretive opportunities, which include advancing our exploration and drilling programme to increase the company’s resources,” says Lamb.