|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
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Jul. 23, 2016 08:45 PM EDT Reads: 1,626
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 08:30 PM EDT Reads: 2,003
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jul. 23, 2016 08:30 PM EDT Reads: 1,760
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 23, 2016 08:00 PM EDT Reads: 2,399
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Jul. 23, 2016 08:00 PM EDT Reads: 1,766
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jul. 23, 2016 07:15 PM EDT Reads: 1,858
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Jul. 23, 2016 07:00 PM EDT Reads: 832
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Jul. 23, 2016 06:15 PM EDT Reads: 770
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Jul. 23, 2016 06:00 PM EDT Reads: 1,868
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 05:30 PM EDT Reads: 1,706
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, discussed how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technologi...
Jul. 23, 2016 05:00 PM EDT Reads: 932
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Jul. 23, 2016 04:00 PM EDT Reads: 2,297
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Jul. 23, 2016 04:00 PM EDT Reads: 1,970
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Jul. 23, 2016 03:45 PM EDT Reads: 1,500
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jul. 23, 2016 03:30 PM EDT Reads: 1,836
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 23, 2016 03:15 PM EDT Reads: 810
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Jul. 23, 2016 03:00 PM EDT Reads: 1,650
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Jul. 23, 2016 02:30 PM EDT Reads: 1,701
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 23, 2016 02:15 PM EDT Reads: 628
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Jul. 23, 2016 01:00 PM EDT Reads: 827