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| Medusa Mining to pay maiden dividend |
| 03-SEP-2010 | uk.ibtimes.com |
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| 3 Sep, 2010 - 7:00:00 AM |
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Philippines-focused Medusa Mining has announced a maiden unfranked dividend of A$0.05 per share, made possible by strong cash flow from its Co-O Mine and recent Australian legislative changes.
An EGM on October 6 will vote on a proposal to remove the restriction that dividends can be paid only out of profits.
This follows changes to the Australian Corporations Act that replaced the former profits test with a new three-tiered test.
Medusa MD Geoff Davis said the company's Co-O Mine was generating strong cash flow.
It was aware that it 'needs to strike a balance between returns to shareholders and the future capital requirements of the company's planned organic growth'.
http://uk.ibtimes.com/articles/20100901/medusa-mining-to-pay-maiden-dividend.htm
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