It balances investment in the existing business, sustainability commitments and strategic growth opportunities with the delivery of sustainable returns to shareholders.
PLS Capital Management Framework outlines the Group’s highly disciplined approach to capital allocation.
The Framework, as illustrated below, prioritises allocation of capital first to maintaining safe and reliable operations, as well as near term productivity initiatives designed to maximise cash generation from existing operations.
Net operating cash flow generated is then intended to be allocated to:
Sustaining capital to maintain operational performance
Further investment into sustainability commitments and initiatives
Maintaining balance sheet strength through a prudent approach to debt funding and capital structure (inclusive of a target leverage ratio1 of less than 1.5x through the commodity price cycle)
Paying a sustainable dividend to shareholders, with a target dividend payout ratio of between 20-30% of free cash flow2
Excess cash flow above and beyond these priorities can then be allocated to further investment in organic and inorganic growth and acquisition opportunities, debt reduction and/or further returns to shareholders.
1 Target Leverage Ratio is defined as Net Senior Debt / 12 Month rolling EBITDA
2 Free Cash Flow is defined as statutory cashflow from operating activities less tax paid / payable less sustaining capital (inclusive of capitalised mine development).
Application of this Framework is subject to prevailing market conditions at the time.
Dividends will be paid to Australian and New Zealand shareholders by way of direct credit only.
Shareholders should ensure their banking details registered with Computershare are up to date. Shareholders that did not provide valid banking instructions for any prior dividends will have their payment held in a non-interest-bearing account until they have done so. The same will also apply for any future cash dividends paid by PLS.
To provide or update banking details and to ensure other information is current, shareholders should visit Computer Share's Investor Centre.
Shareholders may also provide or update their banking details by completing a Direct Credit Form and returning that form to Computershare Australia. Direct Credit Forms can be obtained by contacting Computershare Australia:
On 1300 850 505 (within Australia) or +613 9415 4000 (outside of Australia), Monday to Friday 8.30am to 8pm (Sydney time) or
By email at web.queries@computershare.com.au.
Direct Credit Forms should be returned to Computershare Australia:
By post: Computershare Investor Services Pty Limited GPO Box 2975 Melbourne Victoria 3001 Australia
By email: queries@computershare.com.au
Period | Payment Date | Record Date | Dividend (A$ cents per share) | Franking (%) |
|---|---|---|---|---|
FY23 interim | 24 March 2023 | 3 March 2023 | 11 | 100 |
FY23 final | 27 September 2023 | 6 September 2023 | 14 | 100 |
PLS does not currently offer a Dividend Reinvestment Plan.
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