Effective communications with the investment community, shareholders and other interested parties remains a key objective of our Investor Relations (IR) programme, which we seek to fulfil through a series of planned IR activities and timely dialogues. Throughout the year, we have provided our stakeholders with relevant and prompt updates, to facilitate their having an informed opinion of M1 and the industry which we operate in.
In 2016, we continued to publicly release quarterly, interim and full-year results within one month of financial period. All materials relating to the Group’s and the Company’s results, including presentation slides and press releases, were made available immediately on our website, after posting with the Singapore Exchange (SGX). Analysts, investors and the media were invited to join our conference calls, which were accompanied by question and answer sessions with senior management, on the same day of every results announcement. Audio webcasts and transcripts of these events were also made available on the M1 website.
Key developments for M1 in 2016 included the launch of Upsized Data, to provide customers with greater value and flexibility in their data bundles, as well as a comprehensive suite of managed cyber security services to complement our business connectivity solutions. The IR team continued to ensure all interested parties are kept abreast of major developments, through timely distribution of media releases and a proactive approach in answering related queries.
As part of our ongoing commitment to open communication and regular engagement with the investment community, senior management remained directly accessible to analysts and investors, providing them with updates of the Group’s and the Company’s developments and outlook through various avenues, such as one-on-one and group meetings, teleconferences, non-deal roadshows (NDRs) and investor conferences, both locally and abroad. These first-hand interactions are key to understanding analysts and investors’ views on the Group’s and the Company’s performance and strategy, and address any concerns that they may have.
As at 22 February 2017, the free float1 of M1 shares was 38.76%, with the majority shares held by institutional investors across Asia, the UK and the USA. To maintain our engagement with current and potential institutional investors in these regions, we undertook NDRs in 2016 to Hong Kong, Japan, Malaysia, the UK and the USA. Locally, we participated in three investor conferences, namely Deutsche Bank Access Asia Conference, Macquarie ASEAN Conference and Morgan Stanley Asia Pacific Summit.
The IR team is easily accessible to analysts, current and potential investors who may need to seek clarification or provide feedback with regard to the Group’s and the Company. All email queries are welcomed and can be addressed to ir@m1.com.sg. Shareholders and interested parties are also encouraged to access the M1 corporate website at www.m1.com.sg for the latest updates.
As always, the Annual General Meeting (AGM) is an important platform for shareholders to communicate directly with the Board and members of the senior management team. We continue to host our AGMs at a central and accessible location for shareholders’ convenience. Board members and members of the senior management team make their best effort to attend the AGM. Our 14th AGM, held on 6 April 2016 at the Fullerton Hotel Singapore, was well attended by shareholders. The minutes of the AGM included substantial and relevant comments and queries from shareholders relating to the agenda of the meeting, as well as responses from the Board and members of senior management. These were promptly prepared after the AGM and made available to shareholders upon request.
M1 is committed to creating long-term value for shareholders. This is demonstrated through our long-standing practice of maintaining a sustainable dividend payout ratio and returning excess cash to shareholders in absence of value-enhancing opportunities. For 2016, we announced an interim dividend of 7.0 cents per share and a final dividend of 5.9 cents per share, bringing the total dividend declared to 12.9 cents per share. Barring unforeseen circumstances, we will continue to maintain a dividend payout ratio of at least 80% of net profit after tax for 2017.
| 1 | Free float is defined as the percentage of total issued share capital of the Company held in the hands of the public (on the basis of 1 information available to the Company) |
HISTORICAL CAPITAL DISTRIBUTIONS
| Year | Interim Dividend (cents) |
Final Dividend (cents) |
Special Dividend (cents) |
Other Distributions (cents)2 |
| 2016 | 7.0 | 5.91 | – | – |
| 2015 | 7.0 | 8.3 | – | – |
| 2014 | 7.0 | 11.9 | – | – |
| 2013 | 6.8 | 7.1 | 7.1 | – |
| 2012 | 6.6 | 6.3 | 1.7 | – |
| 2011 | 6.6 | 7.9 | – | – |
| 2010 | 6.3 | 7.7 | 3.5 | – |
| 2009 | 6.2 | 7.2 | – | – |
| 2008 | 6.2 | 7.2 | – | – |
| 2007 | 2.5 | 8.3 | – | 4.6 |
| 2006 | 5.8 | 7.5 | – | 22.2 |
| 2005 | 5.0 | 8.1 | 12.2 | – |
| 2004 | 4.9 | 5.8 | – | 11.0 |
| 2003 | 3.9 | 5.5 | – | – |
| Note: On per share and declared basis | |
| 1 | Subject to shareholders’ approval at the 15th AGM |
| 2 | M1 undertook capital reduction exercises in 2004, 2006 and 2007 |
FINANCIAL CALENDAR FOR 2017
| Date | Event/Announcement |
| 24 January 2017 | Release of 2016 full year results |
| 12 April 2017 | Annual General Meeting |
| 28 April 2016 | Payment of 2016 final dividend (subject to shareholders’ approval at the 15th AGM) |
| April 20171 | Release of 2017 first quarter results |
| July 20171 | Release of 2017 half year results |
| August 20171 | Payment of 2017 interim dividend (if applicable) |
| October 20171 | Release of 2017 third quarter results |
| 1 |
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