Directors’ Report
The total dividends paid in respect of the FY24 financial year is therefore 3.2 cents per share, up 7% on the prior year and represents a dividend yield of 5.5% based on a 90 day VWAP share price at 30 June 2024 of $0.5772 per share. The dividend uplift of 7% (compared to the prior year) lags the growth in Underlying NPAT due to adoption of the new accounting standard (prior year dividend was calculated on old basis). The FY24 total payout ratio is 60% of Underlying NPAT (from continuing operations) – at the top end of the target payout ratio range. The Company’s Dividend Reinvestment Plan ( DRP ) will be reinstated and operate for the FY24 final dividend in accordance with the DRP rules below: • Shareholders will have the opportunity to reinvest into the growth ambitions of the Company while retaining capital within the Group; • Given the current liquidity of ClearView’s share trading, it is not considered appropriate to minimise the dilutive impact of the DRP through the on-market purchase of the number of shares to satisfy the DRP participation; and • It is also not the intention to seek support for any shortfall in shareholder participation by underwriting the shortfall to maintain the capital base within the group given that the Group is now in a net capital generation position. Shares under the DRP will be issued at a fixed price of $0.59, consistent with ClearView’s DRP rules.
10/12 limit on market buy back
ClearView does not currently have a Board approved 10/12 limit on market buy-back program in place. The previous share buy-back program expired on 19 December 2022.
Employee buy-back of Executive Share Plan shares
In the year ended 30 June 2024, there were a further 8,523,505 Executive Share Plan shares held by employee participants that have been forfeited and bought back in accordance with the rules of the plan.
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ClearView Wealth Limited
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