In coherence with Aperam’s Financial Policy (Link), Aperam’s dividend policy consists of a base dividend, anticipated to progressively increase over time. The Company targets a Net Financial Debt/EBITDA ratio of <1x (through the cycle). In the (unlikely) event that Net Financial Debt/EBITDA exceeds 1x, then the Company will review the dividend policy.
The Company proposes to maintain its base dividend at EUR 1.75/share, subject to shareholders approval at the next Annual General Meeting to be held on 5 May 2020.
The dividend payments would occur in four equal quarterly installments of EUR 0.4375 (gross) per share in 2020 as described below in the detailed dividend schedule.
A Luxembourg withholding tax of 15% is applied on the gross dividend amounts.
Table: Detailed dividend schedule 2020
|2nd Quarterly Payment||3rd Quarterly Payment||4th Quarterly Payment|
|Announcement Date||26 February 2020||12 May 2020||11 August 2020||9 November 2020|
|Ex-Dividend||02 March 2020||15 May 2020||14 August 2020||12 November 2020|
|Record Date||03 March 2020||18 May 2020||17 August 2020||13 November 2020|
|Payment Date||26 March 2020||12 June 2020||11 September 2020||9 December 2020|
|FX Exchange rate||27 February 2020||13 May 2020||12 August 2020||10 November 2020|
For shares traded in the United States on the OTC market in the form of New York registry shares, dividends are paid in US dollars and converted from Euros to US dollars based on the EURUSD ECB fixing exchange rate of the date, which is not a Target closing day, immediately following the announcement.
In order to benefit from exemption of Luxembourg dividend withholding tax at source, an “Informative Memorandum” describing the procedure to obtain an exemption at source of the Luxembourg dividend withholding tax is available here.