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JOHANNESBURG - Thungela Resources Limited, a South African company, declared a final gross ordinary cash dividend and announced a share repurchase program on Monday. The mining group approved a dividend of 1,100.00 cents per share from retained earnings of the fiscal year ending December 31, 2024. Shareholders on the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LON:LSEG) (LSE) will receive payments in South African rand and Pound sterling, respectively.
The dividend is subject to a 20% withholding tax, although non-resident shareholders may qualify for a reduced rate. The net dividend, after withholding tax, is 880.00 cents per share in South Africa and 37.18 pence per share in the UK.
Thungela’s share repurchase initiative will run from March 18, 2025, to June 4, 2025, with an aggregate purchase price cap of R300 million. The buyback is in line with a special resolution from the company’s June 4, 2024, AGM, allowing for the repurchase of up to 10% of its issued share capital within a financial year.
The repurchase will occur on the JSE, with the price not to exceed 10% above the average trading price preceding the buyback. Thungela will report to shareholders upon reaching each 3% increment of the total shares repurchased.
The dividend dates for JSE are as follows: the last day to trade and qualify for the dividend is April 22, 2025, with ex-dividend trading starting April 23, 2025, and the record date on April 25, 2025. Payment to shareholders is scheduled for April 29, 2025. For LSE shareholders, the last day to trade is April 23, 2025, with ex-dividend trading beginning April 24, 2025, and both the record date and payment date matching the JSE schedule.
Shareholders are advised to update their bank mandates for electronic payments before the last trading day to ensure efficient processing, as cheques are no longer issued or processed in South Africa.
This announcement is based on a press release statement and contains information now considered to be in the public domain.
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