Dividends

On 23 February 2022 Channel Infrastructure reconfirmed its expectation that dividends would recommence within 1 to 2 years of the commencement of terminal services, with a proposed dividend policy pay-out ratio of 60-70% of Free Cash Flow (being adjusted net cash generated from operations less maintenance capex).

The Board reserves the right to adjust the payout ratio or expected timing for the recommencement of dividends should the timing, costs or revenue associated with the conversion (including new services such as Private Storage Services) or the import terminal business change. The dividend policy will be subject to the Board’s due consideration of the Company’s medium term asset investment programme; a sustainable financial structure for Channel Infrastructure, recognising the targeted investment grade rating; and the risks from short and medium term economic and market conditions and estimated financial performance.

It is the intention of the Board to attach imputation credits to dividends to the extent that they are available.