The Company has set a policy to apply for the 2017 financial year onwards of paying a dividend of 70% to 80% of the earnings before interest, depreciation, amortisation, impairment losses and tax (EBITDA). Dividends will be unfranked, however may have conduit foreign income credits attached.
The payment of dividends will be subject to corporate, legal and regulatory considerations.
The above policy allows the Navigator Group to retain a portion of cash generated from operating activities, and to therefore have funds available to make additional investments into the Lighthouse Funds where such investments further the overall operating interests of the Group, or to act on external investment and/or acquisition opportunities as and when they may arise.
The Company’s functional and presentation currency since the 2011 financial year is US Dollars (USD). Dividends are determined in USD, and paid in AUD based on the foreign exchange rate on the dividend Record Date.