South African pgm firm Northam Platinum announced yesterday (September 9th) that it is planning to reduce its share premium account through the distribution of 35c per share.

The decision will mean Northam will oversee a total payout of R80.9 million.

Northam has decided that it has more cash than it needs, and the directors wish to return part of that excess to shareholders.

The distribution is expected to take place on October 20th.

All shareholders listed on the company's register on the 17th of that month will be eligible to receive the dividend.

The last day to trade on the basis of entitlement to the distribution, however, will be October 10th.