The Directors of Medusa Mining Limited (TSX:MLL)(ASX:MML)(AIM:MML) has advised that at the general meeting of members held this morning the resolution was unanimously passed to amend the Company's Constitution to remove the restriction that dividends can be paid only out of profits of the Company.
Accordingly, the Board confirms an unfranked dividend payment of A$0.05 per share which will be paid out of the Company's operating cash flow, and not out of the profits of the Company.
The relevant dates for the dividend are as follows:
There is no foreign conduit income attributed to the dividend.
Managing Director, Geoff Davis said:
"It is with a sense of satisfaction that the Board regards today as being a milestone in the Company's growth as it has become a dividend payer. This is the culmination of nearly seven years of work since listing in December 2003 as a small explorer with a market capitalisation of A$5 million. Based on today's share price in a high gold price environment, the Company has a market capitalisation of approximately A$1 billion. This is certainly an achievement of which all stakeholders in Medusa can be proud.
The Company considers the payment of this dividend an appropriate way of rewarding the loyalty and commitment of its shareholders."
Source: Medusa Mining Limited