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Stanmore declares interim dividend, to launch share buyback

Stanmore Coal Ltd. said Jan. 18 that it declared a fully franked interim dividend of 3 Australian cents per share, payable to shareholders on April 30.

The dividend distribution was declared after it revised its underlying EBITDA guidance for fiscal year 2019 to between A$140 million and A$155 million, based on a higher salable coal production guidance of 2.15 million tonnes from 2.0 million tonnes.

The Australian coal miner also said it will undertake an on-market share buyback of up to 10% of its ordinary shares, or approximately 25.3 million shares, over a period of 12 months, beginning on or about Feb. 4.

A 95-cents-per-share takeover offer from Golden Investments (Australia) Pte. Ltd. was previously rejected, as it "significantly undervalues" the company.