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 proposal to maintain its base dividend at EUR 1.75/share has been approved at the Annual General Meeting of shareholders of 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
|1st Quarterly Payment (interim)||2nd Quarterly Payment||3rd Quarterly Payment||4th Quarterly Payment|
|Announcement Date||February 26, 2020||May 12, 2020||August 11, 2020||November 09, 2020|
|Ex-Dividend||March 02, 2020||May 15, 2020||August 14, 2020||November 12, 2020|
|Record Date||March 03, 2020||May 18, 2020||August 17, 2020||November 13, 2020|
|Payment Date||March 26, 2020||June 12, 2020||September 11, 2020||December 09, 2020|
|FX Exchange rate||February 27, 2020||May 13, 2020||August 12, 2020||November 10, 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.