Dividends declared

Financial Year ended 30 June

Dividend policy

Meridian’s ordinary dividend policy is to make distributions at a dividend payout ratio within an average, over time of 80% to 100% of Free Cash Flow, subject to the Board’s due consideration of:

  • Meridian’s working capital requirements and its medium-term investment programme;
  • a sustainable financial structure from Meridian, recognising the Company’s targeted long-term credit rating of BBB+ by S&P; and
  • the risks from short and medium term economic, market and catchment hydrology conditions and expected financial performance.

Free Cash Flow is calculated as NPAT adjusted for the post tax impact of fair value movements of derivatives and impairments, plus depreciation and amortisation, less the average level capital cost of maintaining Meridian’s asset base and systems (Stay in Business Capital Expenditure).

Dividend payments are expected to be split into an interim dividend paid in April, and a final dividend paid in October. It is the intention of the board to attach imputation credits to dividends to the extent they are available.

Please Note: New Zealand’s major banks have announced that from April 2021, they will no longer be issuing cheques. As a result, Meridian’s dividend payments are now made by direct credit only. If we do not have a bank account on file for you, your future dividend payments will have to be withheld by Meridian, until a bank account is provided.

If necessary, please contact Computershare to request a Direct Credit form by calling 09-488-8777 or by emailing enquiry@computershare.co.nz. Alternatively you may update your bank account details by visiting www.investorcentre.com/nz 

Meridian has approved the establishment of a dividend reinvestment plan (“DRP”). Under the DRP, Shareholders may elect to reinvest the net proceeds of cash dividends payable on all or some of their fully paid ordinary shares in Meridian by acquiring further fully paid shares, free of brokerage charges. Any shareholder who does not choose to participate in the DRP will continue to receive their dividends in cash. Further details of the DRP and a copy of the DRP offer document and participation form will be released in August 2021.




Interim Dividend 2022

Interim dividend of 5.85 cents per share, 86% imputed, paid on 8 April 2022.

Makara interim flip v2

Dividends declared 2014 to 2022

Dividend reinvestment plan

Dividend reinvestment faqs