The Board have determined that it does not anticipate the payment of dividends for the foreseeable future. The Directors are of the view that the dividend policy remains appropriate for the Group considering its current financial position, strategy and prospects and the continuing uncertainties faced. These uncertainties include ongoing litigation, the U.S. government’s allegations and the need to establish more diverse revenue streams in light of generic entry into the market.
Historical dividend payments
As set out in the prospectus, issued for the demerger in November 2014, the Company confirmed that it would pay out 40% of net income as a dividend, payable in US$ for the 2015 financial year. Details of these payments is set out below.
First and Second Interim Dividend Payments
|First interim dividend||Date|
|Ex-dividend date||September 17, 2015|
|Record date||September 18, 2015|
|Payment date||October 23, 2015|
|Second interim dividend||Date|
|Ex-dividend date||June 16, 2016|
|Record date||June 17, 2016|
|Payment date||July 29, 2016|
Future Dividend Policy
The Board, as indicated in the prospectus for the demerger in November 2014, has considered future dividend policy in the light of the Company’s current financial position, strategy and prospects. Given the uncertainties facing the Company, including generic challenges to the intellectual property of Suboxone® film, the level of gross debt together with the associated covenants and the need to seek to diversify the sources of revenue and cash-flow, the Company does not expect to pay ordinary dividends for the foreseeable future.