Dividends
The Group's policy is to pay a modest but consistent dividend throughout the economic cycle while ensuring adequate liquidity to support the business, reducing net leverage and maintaining returns to shareholders. As part of the extension of the Group's Eurobond in February and July 2015 (see Financial Management below) Ferrexpo agreed to restrict future dividend payments to reflect the higher of either an annual payment of US$60 million or a 10% yield on the market capitalisation of the equity for the year in question until the 2019 bonds have been repaid.
The Directors recommend an interim dividend of 3.3 US cents per Ordinary Share amounting to US$19 million (1H 2014: 3.3 US cents) for payment on 18 September 2015 to shareholders on the register at the close of business on 14 August 2015. The ex-dividend date will be 13 August 2015. The dividend will be paid in UK Pounds Sterling, with an election to receive in US Dollars.
