Vector will maintain an annual dividend of 16.5 cps and expects to be able to continue to increase dividends in the future based on projected growth in Vector’s businesses. Vector will attach imputation credits to dividends at a rate of 10.5%.
Vector will ensure that in considering the payment of any dividend, the company will:
- Maintain a BBB credit rating from Standard & Poor’s, or an equivalent rating from another credit rating agency of similar standard;
- Have the financial capacity to meet its medium term investment and operating requirements; and
- Comply with all funding covenants and the solvency test mentioned in the Companies Act.
Dividends are made only at the discretion of the board of Vector. The payment of dividends is not guaranteed and Vector’s dividend policy may change.
Dividend payments will be split between interim and final dividends, in roughly equal measure.