MVN - Dividend Policy


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NZX Release

9 November 2015

Methven Announces Dividend Policy Methven is pleased to release its dividend policy: The policy can be found on Methven’s website http://www.methven.com/nz and is reproduced below for your information.

Dividend Policy The Board of Methven (the Board) is committed to a distribution policy geared towards providing a consistent dividend stream to shareholders whilst allowing capital for growth. The Board targets a dividend pay-out ratio in the range of 70% to 90% of NPAT having taken a number of factors into consideration, including: • • • • •

Significant non-recurring items that affect NPAT;

The Company’s current and forecast operating earnings and cash needs; Investment required for growth plans;

Financial position, debt covenants; and

Other relevant economic factors impacting on the Methven Group

The Company intends to pay dividends semi-annually after the period to which they relate. Following the change of balance date in 2015, this will typically be March and September each year. Dividends are paid in New Zealand currency only and, to the extent they are available, it is the intention of the Board to attach NZ tax imputation credits to dividends. Despite this stated intention, Methven can give no guarantee as to the level of future dividends, if any, or the level of tax credits attached to dividends and the Board reserves the right to amend the dividend policy at any time. This policy considers Methven’s current three year strategic plan and will be reviewed at the end of this period in 2018. -ends For queries, please contact: David Banfield, Group CEO, +64 9 829 0419, [email protected]

About us: • • • •

Methven is a market-leading designer and manufacturer of showers, taps and valves. Our international business is headquartered in Avondale, Auckland where we design, develop and manufacture many award-winning products and technologies. We are an international business operating in Australia, China, UK, Middle East and Europe in addition to our home market of New Zealand. Methven celebrates 130 years of innovation in 2016 and has recently set out its plans to grow the business to $130 million by June 2018.

For more company information, visit http://www.methven.com/nz