Andrew ‘Twiggy’ Forrest $320m richer as Fortescue triples its dividend

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Fortescue Metals Group chairman and founder Andrew Forrest is ready to get pleasure from a dividend payday of about $327 million, after the miner mentioned it will nearly triple its dividends to 30 cents a share and considerably speed up its distribution of franking credit.

The Perth-based iron ore miner unveiled a 19 cent per share interim dividend, in addition to an 11 cent per share particular dividend, because it reported a wholesome $US644 million ($899 million) December half revenue end result effectively forward of analyst expectations.

The payout for Mr Forrest will probably be generated by his substantial shareholding within the firm. Based on Bloomberg knowledge, Mr Forrest owns about 1.09 billion shares in Fortescue, or about 35.four per cent of the corporate, making him the miner’s greatest shareholder.

Fortescue CEO Elizabeth Gaines.

Fortescue CEO Elizabeth Gaines.Credit score:Carla Gottgens

In its assertion outlining the outcomes, Fortescue did not explicitly seek advice from the anticipated modifications to franking credit score guidelines ought to Labor win this 12 months’s federal election. However the miner acknowledged that its 19 cent interim dividend represented a 65 per cent payout ratio of its first half revenue, which was effectively above its typical payout ratio of about 40 per cent.

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