Anglo to return up to $1bn to shareholders
Anglo American last week announced its intention to return up to $1-billion to its shareholders through an immediate on- market share buy-back programme to reduce the company’s issued share capital.
The programme, which will be executed in two $500-million tranches, will end not later than March 31.
Investment bank Morgan Stanley, which will act as principal, will buy the shares on the JSE and on UK trading venues, in line with the proportion of Anglo’s shareholder register in the two countries. The purchased shares will be cancelled.
Anglo FD Stephen Pearce said the additional return of $1-billion recognised the resilience of Anglo’s financial position and built on the $3.4-billion in cash returned to shareholders since the company reinstated the dividend in mid-2017.
“We have a disciplined and value-focused approach to capital allocation that is designed to fund the sustainability of our existing business and our base cash dividend for shareholders,” said CE Mark Cutifani.
Pearce pointed out that the company’s balance sheet had been extensively deleveraged in recent years and expressed confidence in the ability of the company to fund the portfolio of near- and medium-term growth opportunities.
“Given the current levels of cash generated in the business, along with the further value potential we see, the company deemed it appropriate to prioritise returning excess cash to shareholders through the buy-back programme,” Pearce added in a release to Creamer Media’s Mining Weekly.
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