27 May - 6 min read
Reviewed interim results for the six months ended 31 March 2021 and dividend timetable and conversion rates
Reviewed interim results for the six months ended 31 March 2021 and dividend timetable and conversion rates Tharisa plc (Incorporated in the Republic of Cyprus with limited liability) (Registration number HE223412) JSE share code: THA LSE share code: THS A2X share code: THA ISIN: CY0103562118 LEI: 213800WW4YWMVVZIJM90 ('Tharisa' or the 'Company') Reviewed interim results for the six months ended 31 March 2021 and dividend timetable and conversion rates Tharisa, an integrated resources group incorporating exploration, mining, processing, beneficiation, marketing, sales and logistics of platinum group metals (‘PGMs’) and chrome concentrates, which owns and operates the large scale open pit Tharisa Minerals PGM and chrome mine situated in the North West province of South Africa, has released its interim results for the six months ended 31 March 2021. REEF MINED PGM PRODUCTION CHROME CONCENTRATE 2.5 Mt 5PGE+Au PRODUCTION up 8.7% 75.1 koz 730.7 kt (2020: 2.3 Mt) Up 12.9% up 12.0% (2020: 66.5 koz) (2020: 652.6 kt) REVENUE OPERATING PROFIT EBITDA US$313.6 m US$104.5 m US$124.2 m up 61.2% Up 368.6% Up 243.1 % (2020: US$194.6 m) (2020: US$22.3 m) (2020: US$36.2 m) PROFIT BEFORE TAX EARNINGS AND HEADLINE DIVIDEND US$104.6 m EARNINGS PER SHARE US 4 c up 497.7% US 21.4 c and US 21.9 c (2020: US$17.5 m) EPS up 494.4% and HEPS up 491.9% (2020: US 3.6 c and US 3.7 c) This short form announcement is the responsibility of the directors and is only a summary of the information in the full announcement. The full announcement was released on SENS and RNS on 27 May 2021, and can be found on the Company’s website at www.tharisa.com and can also be viewed here, https://senspdf.jse.co.za/documents/2021/jse/isse/THA/H1results.pdf. Copies of the announcement may also be requested at the Company’s registered office, at no charge, during office hours. Any investment decision should be based on the full announcement published on SENS and RNS. Ernst & Young Cyprus Limited has expressed an unmodified review opinion on the reviewed interim condensed consolidated financial statements. That report is available on the Company’s website: www.tharisa.com. Dividend currency conversion rates and timetable An interim dividend of US 4.0 cents per ordinary share has been declared. The interim dividend will be paid on Wednesday, 30 June 2021 and will be paid from income reserves. Shareholders on the principal Cyprus register will be paid in United States Dollar (USD), shareholders whose shares are held through Central Securities Depositary Participants (CSDPs) and brokers and are traded on the JSE will be paid in South African Rand (ZAR) and holders of Depositary Interests traded on the LSE will be paid in Sterling (GBP). The currency equivalents of the dividend, based on the weighted average of the South African Reserve Bank’s daily rate at approximately 10:30 (UTC +2) on 25 May 2021, being the currency conversion date, are as follows: Exchange rate Dividend per share in payment currency South Africa – JSE ZAR 13.85200/US$ 55.40800 South African cents per share United Kingdom - LSE GBP 0.70552/US$ 2.82207 pence per share The timetable for the dividend declaration is as follows: Declaration and currency conversion date Tuesday, 25 May 2021 Currency conversion rates announced Thursday, 27 May 2021 Last day to trade cum-dividend rights on the JSE Monday, 14 June 2021 Last day to trade cum-dividend rights on the LSE Wednesday, 16 June 2021 Shares will trade ex-dividend rights on the JSE Tuesday, 15 June 2021 Shares will trade ex-dividend rights on the LSE Thursday, 17 June 2021 Record date for payment on both JSE and LSE Friday, 18 June 2021 Dividend payment date Wednesday, 30 June 2021 No dematerialisation or rematerialisation of shares within Strate will be permitted between Tuesday, 15 June 2021 and Friday, 18 June 2021, both days inclusive. No transfers between registers will be permitted between Thursday, 27 May 2021 and Friday, 18 June 2021, both days inclusive. Tax implications of the dividend Shareholders and Depositary Interest holders should note that information provided should not be regarded as tax advice. Shareholders are advised that the dividend declared will be paid out of income reserves and may therefore be subject to dividend withholding tax depending on the tax residency of the shareholder. South African tax residents South African shareholders are advised that the dividend constitutes a foreign dividend. For individual South African tax resident shareholders, dividend withholding tax of 20% will be applied to the gross dividend of 55.40800 South African cents per share. Therefore, the net dividend of 44.3264 South African cents per share will be paid after 11.0816 South African cents in terms of dividend withholding tax has been applied. Shareholders who are South African tax resident companies are exempt from dividend tax and will receive the dividend of 55.40800 South African cents per share. This does not constitute legal or tax advice and is based on taxation law and practice in South Africa. Shareholders should consult their brokers, financial and/or tax advisors with regard to how they will be impacted by the payment of the dividend. UK tax residents UK tax residents are advised that the dividend constitutes a foreign dividend and that they should consult their brokers, financial and/or tax advisors with regard to how they will be impacted by the payment of the dividend. Cyprus tax residents Individual Cyprus tax residents are advised that the dividend constitutes a local dividend and that they should consult their brokers, financial and/or tax advisors with regard to how they will be impacted by the payment of the dividend. Additional information required by the JSE Listing Requirements Tharisa has a total of 275 000 000 ordinary shares in issue on Wednesday, 26 May 2021, of which 269 102 331 carry voting rights and are eligible to receive dividends. By order of the Board Paphos, Cyprus 27 May 2021 DIRECTORS Loucas Pouroulis (Executive Chairman) Phoevos Pouroulis (Chief Executive Officer) Michael Jones (Chief Finance Officer) David Salter (Lead independent non-executive director) Antonios Djakouris (Independent non-executive director) Omar Kamal (Independent non-executive director) Carol Bell (Independent non-executive director) Roger Davey (Independent non-executive director) Shelley Lo (Non-executive director) Zhong Liang Hong (Non-executive director) REGISTERED ADDRESS Office 108 – 110, S. Pittokopitis Business Centre 17 Neophytou Nicolaides and Kilkis Streets 8011 Paphos, Cyprus www.tharisa.com GROUP COMPANY SECRETARY Sanet Findlay The Crossing, 372 Main Road Bryanston, Johannesburg 2021 South Africa Email: firstname.lastname@example.org ASSISTANT COMPANY SECRETARY Lysandros Lysandrides 26 Vyronos Avenue 1096 Nicosia Cyprus TRANSFER SECRETARIES Computershare Investor Services Proprietary Limited, Cymain Registrars Limited JSE SPONSOR Investec Bank Limited Connect with us on LinkedIn and Twitter to get further news and updates about our business. Investor relations contacts: Ilja Graulich (Head of Investor Relations and Communications) +27 11 996 3500 +27 83 604 0820 email@example.com Financial PR contacts: Bobby Morse / Augustine Chipungu / James Husband +44 207 466 5000 firstname.lastname@example.org Broker contacts: Peel Hunt LLP (UK Joint Broker) Ross Allister / David McKeown / Alexander Allen +44 207 7418 8900 BMO Capital Markets Limited (UK Joint Broker) Thomas Rider / Pascal Lussier Duquette / Nick Macann +44 207 236 1010 Berenberg (UK Joint Broker) Matthew Armitt / Jennifer Wyllie / Detlir Elezi +44 203 207 7800 Nedbank Limited (acting through its Corporate and Investment Banking division) (RSA Broker) Carlyle Whittaker +27 11 294 0061 About Tharisa Tharisa is an integrated resource group incorporating mining, processing, exploration and the beneficiation, marketing, sales and logistics of PGMs and chrome concentrates. Its principal asset is the Tharisa Mine located in the South-Western Limb of the Bushveld complex, South Africa. The mechanised mine has a 14-year open pit life of mine (LOM) and the ability to extend operations underground by at least an additional 40 years. Tharisa also owns the Salene Chrome project, a development stage, low cost, open pit asset, located in the Great Dyke in Zimbabwe. Tharisa is listed on the Johannesburg Stock Exchange (JSE: THA) and the Main Market of the London Stock Exchange (LSE: THS). Date: 27-05-2021 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.