Dividends

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.

Dividend Policy

Meridian’s ordinary dividend policy is to make distributions at a dividend payout ratio within an average, over time of 75% to 90% 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.

2021

Dividends Declared Amount per Security Imputed per Security Supplementary amount per Security¹ Record Date Payment Date
Interim Ordinary Dividend NZ 5.70 cps NZ 1.91 cps NZ 0.87 cps 31 March 2021 16 April 2021

2020

 

Dividends Declared Amount per Security Imputed per Security Supplementary amount per Security¹ Record Date Payment Date
Interim Ordinary Dividend NZ 5.70 cps NZ 1.91 cps NZ 0.87 cps 29 March 2020 16 April 2020
Special Interim Dividend NZ 2.44 cps NZ 0.00 cps NZ 0.00 cps 29 March 2020 16 April 2020
Final Ordinary Dividend NZ 11.20 cps NZ 3.75 cps NZ 1.70 cps 30 September 2020 16 October 2020
 Total NZ 19.34 cps NZ 5.56 cps NZ 2.57 cps    

2019

 

Dividends Declared Amount per Security Imputed per Security Supplementary amount per Security¹ Record Date Payment Date
Interim Ordinary Dividend NZ 5.70 cps NZ 1.91 cps NZ 0.87 cps 29 March 2019 17 April 2019
Special Interim Dividend NZ 2.44 cps NZ 0.00 cps NZ 0.00 cps 29 March 2019 17 April 2019
Final Ordinary Dividend  NZ 10.72 cps NZ 3.59 cps NZ 1.63 cps 30 September 2019 16 October 2019
Final Special Dividend NZ 2.44 cps NZ 0.00 cps NZ 0.00 cps 30 September 2019 16 October 2019
Total NZ 21.30 cps NZ  5.49 cps NZ  2.49 cps    

2018

Dividends Declared Amount per Security Imputed Amount per Security Supplementary Amount per Security¹ Record Date Payment Date
Interim Ordinary Dividend NZ 5.38 cps NZ 1.84 cps NZ 0.84 cps 29 March 2018 17 April 2018
Special Interim Dividend NZ 2.44 cps NZ 0.00 cps NZ 0.00 cps 29 March 2018 17 April 2018
Final Ordinary Dividend  NZ 8.94 cps  NZ 2.99 cps  

NZ 1.36 cps

 28 September 2018 17 October 2018
Final Special Dividend  NZ 2.44 cps  NZ 0.00 cps  NZ 0.00 cps  28 September 2018 17 October 2018
Total NZ 19.20 cps NZ 4.83 cps NZ 2.20 cps    

 

2017

Dividends declared

Amount per Security

Imputed Amount per Security

Supplementary Amount per Security¹

Record Date

Payment Date
Interim Ordinary Dividend NZ 5.33 cps NZ 1.82 cps NZ 0.83 cps 31 March 2017 13 April 2017
Special Interim Dividend NZ 2.44 cps NZ 0.00 cps NZ 0.00 cps 31 March 2017 13 April 2017
Final Ordinary Dividend NZ 8.70 cps NZ 2.98 cps NZ 1.35 cps 29 September 2017 17 October 2017
Final Special Dividend NZ 2.44 cps NZ 0.00 cps NZ 0.00 cps  29 September 2017  17 October 2017
Total NZ 18.91 cps NZ 4.80 cps NZ 2.18 cps    

2016

Dividends declared

Amount per Security

Imputed Amount per Security

Supplementary Amount per Security¹

Record Date

Payment Date
Interim Ordinary Dividend NZ 5.10 cps NZ 1.69 cps NZ 0.77 cps 31 March 2016 15 April 2016
Special Interim Dividend NZ 2.44 cps NZ 0.00 cps NZ 0.00 cps 31 March 2016 15 April 2016
Final Ordinary Dividend NZ 8.40 cps NZ 2.94 cps NZ 1.33 cps 30 September 2016 14 October 2016
Final Special Dividend NZ 2.44 cps NZ 0.00 cps NZ 0.00 cps 30 September 2016 14 October 2016
Total NZ 18.38 cps NZ 4.63 cps NZ 2.10 cps    

2015

Dividends declared

Amount per Security

Imputed Amount per Security

Supplementary Amount per Security¹

Record Date

Payment Date
Interim Ordinary Dividend NZ 4.80 cps NZ 1.87 cps NZ 0.85 cps 31 March 2015 15 April 2015
Special Interim Dividend NZ 1.40 cps NZ 0.54 cps NZ 0.25 cps 31 March 2015 15 April 2015
Final Ordinary Dividend NZ 8.08 cps NZ 1.73 cps NZ 0.79 cps 30 September 2015 15 October 2015
Final Special Dividend NZ 3.95 cps NZ 0.00 cps NZ 0.00 cps 30 September 2015 15 October 2015
Total NZ 18.23 cps NZ 4.14 cps NZ 1.18 cps    

2014

Dividends declared

Amount per Security

Imputed Amount per Security

Supplementary Amount per Security¹

Record Date

Payment Date
Interim Ordinary Dividend NZ 4.19 cps NZ 1.47 cps NZ 0.67 cps 31 March 2014 15 April 2014
Final Ordinary Dividend NZ 6.82 cps NZ 2.39 cps NZ 1.08 cps 30 September 2014 15 October 2014
Special Final Dividend NZ 2.00 cps NZ 0.70 cps NZ 0.32 cps 30 September 2014 15 October 2014
Total NZ 13.01 cps NZ 4.56 cps NZ 2.07 cps    

¹Supplementary dividends paid to investors who are not resident in New Zealand

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