Incitec Pivot Ltd. (IPL) expects to return around A$500 million (approximately $329 million at current exchange rates) of surplus capital to shareholders on Jan. 29.
The company in December (GM Dec. 8, 2023) confirmed its intention to return up to A$1 billion of the proceeds from the sale of its Waggaman, La., ammonia production complex to CF Industries Holdings Inc. The sale was completed on Dec. 1 (GM Dec. 1, 2023).
IPL said the roughly A$500 million will be returned by way of a A$0.1557 per share equal capital reduction, totaling A$302,404,437.02 in aggregate, and an unfranked special dividend of A$0.1017 per share, totaling A$197,524,285.45 in aggregate.
In addition to the distribution, IPL is also undertaking an on-market share buyback of up to A$500 million.