NorNickel cheers investors with hefty dividend payouts of $6.80 per share

NorNickel’s BoD recommended that the company’s shareholders approve at the June 28 AGM dividends of $6.80 (Rb 176) per share which is nearly twice as much as FY05 payouts. The cut-off date was May 15. It’s noteworthy that the company already disbursed hefty 9M06 dividends of $2.2 (Rb 56) per share. Thus, the dividend payouts will amount to $4.60 for the remaining period.

In the event that the shareholders approve this decision, a total of $1.245 bln will be allocated to dividend payouts. In addition, it’s noteworthy that NorNickel’s dividend payout policy provides for allocation of 20-25% of annual IFRS net income to dividend payouts. Thus, the company’s net income could approach $4.8 bln in 2006 (taking into account other earnings).