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Quarterly dividend payments introduced

With effect from 2018, the Company will move to four interim quarterly dividend payments


The dividend amount will be announced in February 2018 as part of the Preliminary Results announcement for the year ending 31 December 2017. It will be paid in four equal instalments in May, August and November 2018 and February 2019. 

As part of the transition to quarterly dividend payments, and to ensure shareholders receive the equivalent amount of total cash payments in 2018 as they would have under the previous payment policy, an additional interim dividend will be announced in December 2017 for payment in February 2018 and will be calculated as 25% of the total cash dividend paid in 2017. 

The proposed payment dates, record dates and ex-dividend dates for the dividend payments are set out in the table below.

Quarterly dividends will provide shareholders with a more regular flow of dividend income and will allow the Company to spread its substantial dividend payments more evenly over the year.  The dividends will align better with the cash flow generation of the Company and enable it to fund the payments more efficiently.

The Group's policy to pay dividends of 65% of long-term sustainable earnings, calculated with reference to the adjusted diluted earnings per share, remains unchanged.

Proposed dates for the second interim dividend payment and quarterly dividend payments for the year ending 31 December 2017:

Event Second
Quarterly Dividend Payments
Number 1
Number 2
Number 3
Number 4
Ex-dividend date (JSE) 27 Dec 2017 20 Mar 2018 27 Jun 2018 3 Oct 2018 24 Dec 2018
Ex-dividend date (LSE) 28 Dec 2017 22 Mar 2018 28 Jun 2018 4 Oct 2018 27 Dec 2018
Record date 29 Dec 2017 23 Mar 2018 29 Jun 2018 5 Oct 2018 28 Dec 2018
Payment date 8 Feb 2018 9 May 2018 9 Aug 2018 15 Nov 2018 7 Feb 2019
  1. The dates set out above are subject to any changes to public holidays arising and changes or revisions to the London Stock Exchange and JSE timetables.  Any changes to the dates will be announced.
  2. For the purpose of the Company's secondary listing on the JSE, a full timetable of the salient dates for the second interim dividend will be announced in December 2017 and a full timetable for the quarterly dividend payments will be included in the Preliminary Results Announcement in February 2018.

Letters to shareholders

Letters to shareholders regarding the introduction of quarterly dividend payments from 2018:

UK Dividend Letter - 31 May 2017 (48 kb) 

South Africa Dividend Letter - 2 Jun 2017 (165 kb)