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Dividends

The Directors have declared a final dividend of 51.0 cents per share, compared with 64.0 cents per share for the prior final dividend. The annual dividend for the year ended 30 June 2020 was 98.0 cents per share compared with 119.0 cents per share for the prior year. The dividend will be 80% franked and will be paid on 25 September 2020. The record date to determine shareholders’ entitlements to the final dividend is 27 August 2020. Shares will commence trading ex-dividend on 26 August 2020.

The following dividends have been paid or declared by the Directors since 30 June 2019:

Final dividend of 64.0 cents per share
(80% franked) paid on 20 September 2019

$420 million

Interim dividend of 47.0 cents per share
(80% franked) paid on 27 March 2020

$299 million

Final dividend of 51.0 cents per share
(80% franked) payable on 25 September 2020

$318 million

AGL targets a payout ratio of approximately 75% of Underlying Profit after tax and a minimum franking level of 80%. Before declaring each dividend the Directors satisfied themselves that:

  • AGL’s assets exceeded its liabilities immediately before declaring the dividend and the excess was sufficient for the payment of the dividend;
  • the payment of the dividend was fair and reasonable to AGL’s shareholders as a whole; and
  • the payment of the dividend would not materially prejudice AGL’s ability to pay its creditors.

The AGL Dividend Reinvestment Plan (DRP) will operate in respect of the 2020 final dividend. AGL will acquire shares on market and allot them to DRP participants at no discount to the simple average of the daily weighted average price at which AGL’s ordinary shares trade during each of the 10 trading days commencing 31 August 2020. The last date for shareholders to elect to participate in the DRP for the 2020 final dividend is 28 August 2020.

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