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Anglo Asian clears regulatory hurdle to pave way for future dividend payments

A UK court has given the miner the green light for Anglo Asian to transfer its share premium account to distributable reserves

leaf growing out of money
CEO Reza Vaziri said at June’s AGM that the board was considering a maiden dividend

Anglo Asian Mining Plc (LON:AAZ) has cleared a regulatory hurdle which will allow the gold, copper and silver miner to start paying a dividend.

At June’s annual general meeting, chief executive Reza Vaziri said the board was considering paying a maiden dividend.

READ: Dividend plan underlines confidence at Anglo Asian

To do this though, it needed to cancel its share premium account to create distributable reserves.

Shareholders agreed to this at the AGM but a court also had to give its approval, which Anglo Asian has now received.

“The capital reduction will enhance the company's ability to pay dividends to shareholders in the future, as the amount standing to the credit of the company's share premium account which has been cancelled, will be transferred to distributable reserves,” read Wednesday morning’s statement.

Anglo shares rose 2.1% to 43.4p in early deals on Wednesday.

Quick facts: Anglo Asian Mining PLC

Price: 127.5 GBX

AIM:AAZ
Market: AIM
Market Cap: £145.85 m
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