Johannesburg, South Africa — 22 June 2012 – Village Main Reef has announced that, following a board decision, the company is to pay a special cash dividend of 30 cents per ordinary share to shareholders.
A company statement released here said the special dividend would be funded out of the repayment by First Uranium Corporation Limited of some R392 million to Village in relation to Village’s investment in the secured convertible rand-denominated rand notes.
Joint CEO Marius Saaiman commented: “The board reviewed a number of options, including the possibility of returning cash to our shareholders by way of a share buy-back. After due consideration, the board determined that a cash dividend was currently the best option to return excess cash to our shareholders. The payment of a cash dividend was also consistent with our publically stated intention for these funds,” he added.
The statement confirmed that the last day to trade to be eligible to participate in the dividend would be 13 July 2012, and that it was anticipated that payment of the dividend would take place on 23 July 2012.
Source: Village Main Reef. For more information, click here.