Sylvania Platinum Dividends - SLP

Sylvania Platinum Dividends - SLP

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Sylvania Platinum Limited SLP London Ordinary Share BMG864081044 CMN SHS USD0.01 (DI)
  Price Change Price Change % Stock Price High Price Low Price Open Price Close Price Last Trade
  -0.50 -1.33% 37.00 37.50 36.75 37.50 37.50 16:35:15
more quote information »
Industry Sector
MINING

Sylvania Platinum SLP Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
02/10/2018FinalGBX0.3530/06/201730/06/201818/10/201819/10/201830/11/20180.35

Top Dividend Posts

DateSubject
09/10/2019
18:21
redtrend: CLAIM 3: “Questionable” Transactions – Sylvania 2005 Agreement Full afadavit submitted by AMCU (written by Samancor ex-director making claims) is here: hxxps://amabhungane.org/wp-content/uploads/2019/10/1.-2019-09-25-Kon-Affidavit_SIGNED.pdf Bits relating to Samancor-Sylvania Agreement of 2005 (yes 14ys ago) start on PDF bottom of page 15. The claims are: 1) Samancor-Sylvania deal was unfair against Samancor (complete rubbish – anyone with half a brain can work out this isn’t true and the Affadavit statements contradict the applicants’ own argument! Its laughable and no wonder he was sacked in 2009/2010 if this was the quality of his work) 2) Sylvania deal benefitted Samancor Majority Shareholder (Kancor and chums) over the minority shareholders, with SLP shares awarded to Samancor entity/ intermediary “Portpatrick” as part of the deal. Both are complete “nothing burgers” in terms of operational or commercial impact to SLP or SLP involvement. I wont 2nd guess PR impact in short-term of panicky PIs. SLP Claim 1) Samancor-Sylvania Agreement: the deal itself is clearly a fair one. If anything it is far more heavily in favour of Samancor. a) Samancor get processed chrome back for free and their tailings treated helping them out on long-term liabilities front. The chrome processed for free by SLP and the $100s of millions to Samancor over the last 14yrs will be truly staggering. All Capex paid by SLP. - The Applicant writing the Affadavit doesn’t even realise his own statements are contradicting his “claim” the SLP arrangement becomes more favourable to SLP!!! It really is laughable – it become more beneficial to Samancor! I urge everyone to carefully read items 56 & 57 on pdf page 16 if they have any doubts on this. - Initial 2006 commercial agreement allows SLP to resell the processed chrome concentrate back to Samancor on sliding scale at the low values of ZAR 49.99 - 72 ($3-4 per ton, when Chrome concentrate is $180+! In period sometimes reaching $400). The higher threshold of course being better for SLP. - One year later in 2007, this Agreement gets WORSE for SLP not better, whereby the upper threshold is completely removed and SLP can only resell at the lower ZAR 49.99. - In 2008 the agreement again gets WORSE for SLP, whereby SLP provide the treated chrome concentrate back to Samancor for a nominal ZAR 1 (i.e. for free). b) On top this Samancor appear to get v.small % of PGM revenue (and as reminder Samancor have never had mineral rights to PGMs!) c) Samancor received large share of SLP back in 2005 - 2006 (hugely beneficial to Samancor - see next post for the issue at hand here is if the Samancor's director's committed fraud against their own company and Portpatrick was not for the benefit of Samancor shareholders as a whole) d) The deal was struck in 2005 when SLP was around 30p share price. SLP have used their expertise, spent huge amounts of Capex and SLP shareholders have waited until 2018 (13 years!) to begin to see a tiny return on SDO (if you compare apples to apples). That doesn’t sound like a deal unreasonably in SLP’s favour to me – in fact it sounds like the opposite! Waiting 13yrs for a measly return if you’re a SLP shareholder of 13yrs (1st dividend last year). Compounded for inflation, it’s significant negative return! How much money has Samancor made over 14years of getting Chrome processed for free and selling concentrate?! It will be millions of tons of chrome concentrate. SLP took the risk/reward of relying solely on PGMs, bidding for Samancor job to process chrome and securing the PGM minerals rights themselves. Only now and finally with PGMs high, will SLP benefit from a deal 15 yrs later when dividends should finally become more substantial in 2020. Samancor has benefitted from last 14yrs and will continue to benefit, for doing jack.
09/10/2019
13:46
frazboy: With you on that Bazzer - but the company must be aware of the share price action so they simply need to issue a statement denying (or otherwise?) the allegations.
24/9/2019
16:16
redtrend: Agree with danger - the best method to cover already existing share options allowances (my understanding is these were approved by shareholders in various previous AGMs) is through buy backs, not dilution. Employees and Directors should be rewarded for exceptional performance linked to Company's prospects and share price (i.e. shares rather than monetary bonuses), to align with shareholders. As long as it's not for simply "meeting" expectations, but exceeding expectations. I also agree that SLP are partly over-capitalised in the circumstances and more cash should be used for dividends, but in addition to these buybacks, not instead. Both can be easily funded. There is of course need for a "war chest" and rainy day fund etc. etc., but to go too far and be overly conservative to detriment of shareholders and share price is another thing. After this last buyback, SLP is now at a stage where dividends, not buybacks are most beneficial to shareholders - both for share price appreciation and yield. It is commensurate/proportionate dividends that will provide significant re-rate to SLP, so what you are discussing is a rather "chicken and egg" scenario. Additionally when the share price is low, the dividend yield of course can be higher, thereby benefitting shareholders and enticing new ones. The board has acted in a professional manner to date, steered the company in the right direction and have earned investors trust. A special dividend should be expected for Grasvally sale. If it is not forthcoming however, questions will need to be asked. As it would with next year's annual dividend too if it is once again not proportionate. I'm surprised at how passive both IIs and Private Investors can be to these issues. I've been to many AGMs where IIs hold significant holdings and sometimes they don't even have representation. 5 IIs hold 50% of SLP shares and I'm not sure how active or passive they are to be honest. Have to admit I haven't been to SLP's AGM in Bermuda yet, but plan to next year. Depending on whether or not we receive a special dividend once (if) the Grasvally sale is formalised for the full Net amount, an open letter to the 5 IIs holding 50% wouldn't hurt, to see how passive or active they really are. It wouldn't be too hard to get contact details.
24/9/2019
11:55
canigou2: "arguably overcapitalised at the moment and probably don't have a better use for the cash" A better use for the cash would be to increase the dividend. The increased yield would make the share more attractive to investors and fund mangers and the share price would likely ascend!
21/8/2019
11:08
redtrend: To add to danger's list of other new updates from Accounts (normally released end of Aug, so could be this time next week): - Dividend: we also don't know final dividend, although have a rough indication from House Broker Liberum. So dividend yield may also be in the Directors Statements in the Accounts. Perhaps a yield at this current share price of 3-4%? - Presentation: normally accompanies release of Accounts with some key forecasts and overview. It normally has a forecast on production out to 3yrs, Project Echo status, Capex & EBITDA forecasts etc. Rhodium is now in touching distance of $4,000 (currently at $3,955), With Plat $840 and Pall $1,480, the SLP PGM basket is around $1,390 per Oz. AISC with ZAR at 15.2 is likely around $525 (fluctuates dependant on ounces produced of course). So once you take into account refining fees of circa 18%, the SLP margin is now a significant $615 per Oz. Net Cashflow for FYE June 2020 could therefore be: - 80,000 Oz x $615 margin = $49.2m. - Deduct $8m for Capex and $10m Taxes = $31.2m. With a market cap of £110m ($130m), normalising for $21.8m cash in bank and circa $24m+ trade balance in SLP's favour, SLP's market cap is only 2.7x Net Cashflow. So can see where Investor Chronicle and House Broker Liberum are coming from with their targets of 50p and 60p respectively.
31/7/2019
08:21
gary1966: People may be trading off the indicators. RSI elevated to a level where historically it has retreated. Share price has performed strongly of late. RSI may cool off without the share price dropping, and it may well rise, but some people will trade the RSI and will feel happier re-entering, possibly at a higher share price, but with a historically low RSI reading.
13/7/2019
06:14
russman: If the BoD communicated more clearly what the company intended to do with all its cash; SLPs valuation i.e share price may be higher.
06/7/2019
10:17
thorpematt: Despite global trade concerns, commodity prices have been very favourable since the last TS. Yet the share price here has been lacklustre. Pd and Rd have both done significantly well. Unless SLP has failed dramatically to hit its production levels a positive update should ensue. Although the financial calendar is a litttle non-commited for SLP, I anticipated a notice of results shortly,with a TS at the end of July and results end of August. I have taken advantage of the weak price of late and topped up on my position over the last few days.
20/6/2019
13:19
mfhmfh: If company can hit forecast target of approximately 21,800 ounces for Q4 then share price should fly. IMHO.
30/8/2018
18:30
redtrend: Been on holiday and nice news to come back to – a solid set of Accounts as expected, with a nice modest dividend. The board and management have done a great job to date and whilst I don’t fully agree with all the statements in the Accounts concerning how the dividend policy may be updated and implemented (I believe some are overly conservative), the management and company as a whole is to be commended. On the positives: 1) Dividend - It’s reassuring that Board & Management listen to its shareholders (I know this is a bizarre statement to make, but sure we are all used to companies just doing what they want irrespective of the shareholders who own the company). Whilst I believe a dividend would have been put in place in any event, the trigger appears to be from an individual shareholder with a sizeable holding. Whether this was an Institutional Investor or PI with large holding not too sure, but it just goes to show when you invest in a relatively small company, we all need to make our voices heard and write to company when we see fit. Not just negatives or demands for dividend, but recognising the positives too. - Maiden dividend of 1.6% at 22p and dividends to be sustained going forward. I just hope over the space of a year, there are at least 2 dividends and therefore the yield per annum is more like 4%, increasing further as the cash balance continues to rise. 2) Production: - Production of 76,000 to 78,000 this financial year ending June 2019 - Production of 80,000+ thereafter (see latest presentation released with Accounts, slide 15). In fact year ending June 2020 looks like production est. at 85,000. 3) Cash and Trade Balance: - Cash of $14m end of June 18, so likely at least $17m by end of Q3 18. - Trade balance in SLP’s favour of a whopping $19.8m (Trade Receivables of $25.4m, high due to the 4-month cycle of delay when SLP gets paid by refiners, minus Trade payables of $5.7m). - These two together of $33.8m equate to 40% of the current market cap at 22p. 4) Going Forward: Capex, Costs and Margin - Basket Sale price: currently at a robust $1,035 - Cash cost of ZAR 6,849 (pg.19 of last presentation, not dissimilar to last quarter results), or $475 per Oz (at Forex of 14.4). - Margin: based on above, produces a huge margin of $560 per Oz. Taking this year as example, $560 x 76,000 Oz = $42.6million - Capex: with Capex est. at $12m this year, that means free cashflow of $30million (before Tax), compared to current market cap of $83.2m. For this reason, plus the dividend, cash/ trade balance and solid management shows just how under-valued SLP still is. It should also be noted Capex for year ending June 2020 is also est. around $11m, then drops to only $3.5m and $3m in following years. On top of all of this, there are just shy of 5million of shares in Treasury to be cancelled and Institutional Investors of over 50%, who no doubt will have a large say on dividend policy going forward, to ensure its in the shareholders interests. It is for the reasons above I don’t necessarily agree with some of the conservative statements in the Accounts on the dividend, however I’m sure over time the Board + management will increase dividends considerably if they maintain the $12m cash buffer they want and cash above that goes to dividends, unless there are growth opportunities to get after. Additionally and perversely, there is a risk associated with holding too much cash at the bank. Whilst it pays 7% interest, the SA political risks also have an impact on the SA Rand (ZAR). So SLP should continue to outpace its peers in terms of share price appreciation + dividends.
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