Dividend Policy

The directors have established a Net Debt to EBITDA ratio cap of 2x which they believe provides adequate headroom to support business growth. The company expects that a dividend pay-out ratio of approximately 75% of profit after income tax from continuing operations will provide it with flexibility and be appropriate.

The directors have established a Net Debt to EBITDA ratio cap of 2x which they believe provides adequate headroom to support business growth. The company expects that a dividend pay-out ratio of approximately 75% of profit after income tax from continuing operations will provide it with flexibility and be appropriate.

To the extent they are available, it is the intention of the board to attach imputation credits to dividends.

The payment and amount of any future dividends will be at the discretion of the board after taking into account various factors the board deems relevant. These factors may include Third Age’s financial condition, operating results, current and anticipated cash needs, plans for expansion and debt covenants.

If a shareholder has a certificate of exemption from resident withholding tax this should be provided to Third Age.

Non-resident shareholders receiving dividends will generally be subject to non-resident withholding tax. Where possible Third Age generally expects to pay supplementary dividends to non-resident shareholders pursuant to the foreign investor tax credit regime to reduce or eliminate the economic impact of statutory withholding taxes for those non-residents.

Dividends are paid in New Zealand dollars.