Dividend Information

Dividend Policy

The Board intends to pursue a dividend policy reflecting the operational cash generation, investment and liquidity needs of the Group as well as the capital requirements of the underlying businesses and will target a dividend cover equivalent to 2.5 to 3.5 times Group AOP earnings for each annual reporting period, with the first interim dividend cover equivalent to 3 times Group AOP earnings for the first interim period.

As referred in the announcement of our preliminary results for the year ended 31 December 2016, dividends paid in Rand will be converted from Sterling at the average effective exchange rate after taking into account hedging activities and timing of remittances. Other non-sterling dividends will be converted at the same effective exchange rate and then translated into local currency.