Gold miner Tribune Resources (ASX: TBR) has responded to investor feedback by declaring a $3.50 a share special dividend, fully franked. The dividend is being funded by Tribune’s sale of its accummulated gold bullion holdings. The special dividend follows the payment of two smaller dividends since July last year by the company, which owns 36.75% of the East Kundana Joint Venture gold mining operation in the Goldfields.
Funded through the well‐timed sale of Tribune’s accumulated gold bullion holdings
Unlocks clear value for all Tribune shareholders
Leaves Tribune well‐funded to continue its profitable mining and exploration operations
Provides valuation clarity for investors with clear focus on Tribune’s participation in the East Kundana Joint Venture ( EKJV) with Northern Star Resources (ASX: NST) and Rand Mining Ltd (ASX: RND)
Tribune Resources Ltd (ASX: TBR) (Tribune or the Company) is pleased to announce the payment of a special dividend to all shareholders.
The board of independent directors, excluding managing director and substantial shareholder Anton Billis, has resolved to pay a dividend of $3.50 per share, fully franked. The key dates are as follows:
Ex‐dividend Date ‐ 27th September 2018
Record Date ‐ 26th September 2018
Payment Date ‐ 10th October 2018
Commenting on the special dividend declaration, Tribune Resources Independent Non‐Executive Director Gordon Sklenka said:
“The board’s decision to declare this special dividend comes after more than six months of discussion and deliberations and has factored in feedback from Tribune shareholders following our payment of a maiden dividend in July 2017 and another dividend in August 2018.
“We believe the time is right to share with all shareholders the tremendous value of gold bullion built up by the Company through its participation in the EKJV.
“To that end, we have organised for the Company to sell the gold that it has stored at The Perth Mint at prevailing market prices and pre‐pay the due tax to make available a fully franked distribution to all shareholders.
“Tribune shareholders have long been asking for more clarity around Tribune’s accumulated bullion holdings, and today’s announcement is an emphatic response that will benefit all shareholders and deliver transparent value.
“Following the payment of this special dividend, Tribune will remain well‐ funded to pursue its mining and exploration activities, including at EKJV.
The declaration of future dividends remains at the discretion of the Board and is subject to maintaining the Company’s primary priorities.
Tribune is finalising its financial report for the year to 30 June 2018. The accounts will make appropriate reference to this post‐balance date special dividend declaration.