Dividend Policies

Dividend Distribution Policy

The current dividend distribution policy of Michael Hill International Limited (Distribution Policy), adopted upon ASX listing, is set out below.


The board is committed to a policy of providing consistent dividend streams to shareholders while maintaining a strong balance sheet and retaining flexibility to meet the businesses financial needs.

Policy Guidelines

(a) Dividends declared will take into account current year earnings, trading outlook in our various markets, capital requirements and desired long term capital structure.
(b) The target equity ratio is in the range of 50% to 70% however abnormal circumstances or events could take the equity ratio outside this range from time to time.
(c) Other relevant economic factors can also impact the company’s Distribution Policy and the board reserves the right to set dividends taking into account any external factors affecting the business.
(d) Wherever possible dividends will be fully imputed however this is dependent on the level of imputation credits available to attach at the time of payment.