METROFILE HOLDINGS LIMITED - Dividend Cover and Debt Levels
MFL 201411190019A
Dividend Cover and Debt Levels
Metrofile Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1983/012697/06)
Share code: MFL
ISIN Code: ZAE000061727
("Metrofile Holdings" or "the Company")
DIVIDEND COVER AND DEBT LEVELS
Shareholders were advised in June 2013 that the Board was of the view that
to optimise shareholder returns, interest bearing debt should be maintained
at levels in excess of 1,5 times EBITDA.
The group continues to be highly cash generative and current borrowing levels
remain below target. The Board has assessed the business acquisition and property
program for the period ahead and is pleased to advise shareholders that:
- Dividend cover will be reduced immediately to 1,75 times, and
- The Group will implement a policy of acquiring sufficient shares
through the market on an ongoing basis to meet the requirements
of the Group’s long term incentive schemes and eliminate the dilution
resulting from issuing new shares to satisfy scheme requirements.
These decisions and additional possible measures will remain under
continual review by the Board.
Senderwood
19 November 2014
Sponsor
The Standard Bank of South Africa Limited
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