|By Marketwired .||
|November 19, 2012 02:00 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/19/12 -- Caledonia Mining Corporation ("Caledonia" or the "Company") (TSX:CAL)(OTCQX:CALVF)(AIM:CMCL), is pleased to announce that it proposes to pay an initial dividend of 0.5 cents (i.e. $0.005) per ordinary share.
-- Caledonia proposes to pay an initial dividend of 0.5 of a cent per share on a pre-consolidation basis (equivalent to $0.05 on a post-consolidated common share basis). -- Driven by the Company's sustainable business model and significant free cash generation. -- Caledonia believes the combination of a dividend combined with Caledonia's continued growth is the appropriate way to optimize its capital structure and enhance shareholder value. -- Caledonia's strategy will be to continue to invest, principally in its projects in Zimbabwe and Zambia. -- The proposed dividend will only be declared after Caledonia shareholders have approved the Stated Capital Reduction. -- After the dividend declaration, it is further proposed to consolidate the Company's common shares on the basis of 1 new Caledonia share for 10 existing Caledonia shares. -- A Special Meeting of Caledonia's shareholders will be held in late January 2013 at which shareholders will vote on resolutions to effect the reduction in Stated Capital and share consolidation.
Mr Stefan Hayden, Caledonia's President and Chief Executive Officer said: "I am delighted to announce Caledonia's maiden dividend. Over the past 3 years Caledonia has become a profitable and cash generative company with exciting growth and investment opportunities. In light of our cash position and strong cash generation, the Caledonia Board feels it appropriate to propose a dividend of one-half cent per existing common share and is confident that the proposed dividend will not reduce our ability to continue to invest in our exciting portfolio of assets, expanding gold production at Blanket, and continuing exploration on our Nama Project."
Caledonia continues to generate significant free cash flow and believes that its business model is sustainable. Caledonia's first priority will be to continue to invest in its current and new projects. Caledonia's cash flow provides the financial capacity to distribute cash to its shareholders without adversely affecting liquidity or the ability to continue to invest for future growth. The Board will annually review the Company's ability to pay a dividend with regard to its cash resources, prospective cash generation and investment opportunities at that time. The next review will take place in May 2013 after the finalisation of the annual financial statements for the calendar year 2012.
Caledonia believes that the combination of a dividend with Caledonia's continued growth is the appropriate way to enhance shareholder value at this time.
As noted below, Caledonia's ability to declare and pay the dividend is conditional upon shareholders approving a reduction in its Stated Capital which is detailed below. Accordingly, the dividend will not be payable until the Stated Capital reduction is implemented. The record date for determining shareholders entitled to receive the dividend will then be determined and announced thereafter.
Reduction in Stated Capital
The reduction is necessitated by the provisions of the Canada Business Corporations Act, the Act under which the Company exists, which states that a company cannot pay dividends if its Stated Capital plus liabilities exceeds the realizable value of the company's assets. The Company's Stated Capital, which as shown in the Company's September 30, 2012 unaudited balance sheet is $196,657,000, is a reflection of historical capital raising via share issues. The proposed capital reduction will not affect the Company's operations or the value of the Company or its issued shares. Caledonia's Board considers that, notwithstanding the on-going development of the Company's properties and its increased earnings, it cannot at this stage be conclusively determined that the Company's assets have a current realizable value in excess of the current Stated Capital plus liabilities. Management, in conjunction with its financial advisors, will, prior to the mailing of the Notice calling the Special Meeting, finalise the calculations necessary to determine the extent of the reduction in the Stated Capital that will be required, and circulate the requisite documentation to shareholders.
Caledonia has 507,899,280 shares outstanding, the closing price of which on the Toronto Stock Exchange on November 15, 2012 was 11 cents per share. Caledonia's Management believes the large number of issued shares and the low current share trading price discourages new investors. Accordingly and only after payment of the dividend, Caledonia proposes to consolidate its shares in issue on the basis of one (1) new Caledonia share for every 10 existing Caledonia shares. Caledonia expects that the reduced number of shares in issue, in conjunction with its growth profile and new dividend policy, will increase the attraction of Caledonia to investors.
Caution regarding Forward-Looking Information and Statements
This news release contains certain forward-looking statements regarding Caledonia and the proposed Special Meeting and dividend. These statements are based upon assumptions regarding Caledonia's current operating results and current intentions of Management of Caledonia. Actual developments may differ as a result of risks relating to market conditions, global political uncertainties, investor reaction and the timing of the special Meeting. Caledonia disclaims any obligation to update any forward-looking statement contained in this news release except to the extent required by law.
Notes to Editors:
Background on Caledonia
Caledonia is a mining company, whose major asset is the Blanket gold mine in Zimbabwe ("Blanket"). Blanket produced 12,918 ounces of gold at an average cash cost of $508 in the quarter ended September 30, 2012 and has an attractive portfolio of exploration and development projects. Caledonia also owns the Nama base metal exploration project in Zambia ("Nama"). Exploration at Nama has identified a new copper-bearing mineralised zone. Further work is in progress at Nama with the objectives of identifying a possible extension to the mineralised zone and improving the confidence level of the resource data.
As at September 30, 2012 Caledonia had net cash and cash equivalents of $24,615,000.
Caledonia Mining Corporation
+27 11 447 2499
Canaccord Genuity Limited
Andrew Chubb / Sebastian Jones
+44 20 7523 8000
Terry Garrett / Beth Harris / Graham Herring
+44 20 7653 9850
CHF Investor Relations
+1 416 868 1079 x 238
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Mar. 22, 2017 06:15 PM EDT Reads: 3,848
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 22, 2017 04:30 PM EDT Reads: 681
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 22, 2017 03:45 PM EDT Reads: 1,049
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 22, 2017 03:30 PM EDT Reads: 670
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 22, 2017 02:45 PM EDT Reads: 2,151
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 22, 2017 02:00 PM EDT Reads: 1,298
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 22, 2017 02:00 PM EDT Reads: 726
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Mar. 22, 2017 01:30 PM EDT Reads: 8,056
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 22, 2017 12:00 PM EDT Reads: 1,333
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 22, 2017 11:45 AM EDT Reads: 529
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
Mar. 22, 2017 11:00 AM EDT Reads: 3,196
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
Mar. 22, 2017 10:30 AM EDT Reads: 1,524
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Mar. 22, 2017 09:15 AM EDT Reads: 2,261
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
Mar. 22, 2017 09:00 AM EDT Reads: 3,891
Now that the world has connected “things,” we need to build these devices as truly intelligent in order to create instantaneous and precise results. This means you have to do as much of the processing at the point of entry as you can: at the edge. The killer use cases for IoT are becoming manifest through AI engines on edge devices. An autonomous car has this dual edge/cloud analytics model, producing precise, real-time results. In his session at @ThingsExpo, John Crupi, Vice President and Eng...
Mar. 22, 2017 08:30 AM EDT Reads: 3,306
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Mar. 22, 2017 08:15 AM EDT Reads: 1,456
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Mar. 22, 2017 08:00 AM EDT Reads: 7,142
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Mar. 22, 2017 08:00 AM EDT Reads: 3,081
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Mar. 22, 2017 03:00 AM EDT Reads: 5,241
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Mar. 22, 2017 01:00 AM EDT Reads: 3,235