London-listed Amur Metals said on Monday that it would pay a special dividend of 1.8p a share to shareholders, following the completion of the disposal of its Kun-Manie project, in Russia, for $35-million.
Bering Metals, a firm controlled by entrepreneur Vladislav Sviblov, had transferred the total consideration to the company and receipt of the funds was expected imminently, Amur reported.
The company would pay a special dividend to shareholders within 90 days of receipt of the money.
"We believe that the total consideration of $35-million is a positive outcome, given the particular set of circumstances that surrounded the disposal.
"The delay in the completion of the disposal was due to potential sanctions with regards to the 'special military operation' and the potential risk associated for a third party involved in the fund transfer. This is something that the company has successfully resolved, ensuring the disposal was compliant with the current geopolitical situation,” said CEO Robin Young.
Having sold Kun-Manie – a large undeveloped nickel deposit – Amur is a cash shell in terms of Aim rules. Amur will be required to make an acquisition within six months or to be re-admitted to trading on Aim as an investing company.
The company’s directors stated that it intended to identify opportunities that had the potential to deliver value creation and returns to shareholders over the medium to long term in the form of capital and or dividends.