New Hope Corporation Ltd (ASX: NHC) shares fell 3.3% to $6.09 in early trading amid news a market activist group has demanded two resolutions be added to the agenda for the company's annual general meeting (AGM) on 23 November.
Anti-fossil fuels group Market Forces says it is acting on behalf of 124 New Hope shares investors.
The group wants to amend the company's constitution to allow greater scrutiny of directors' powers.
It also wants New Hope to report how it is facilitating "the efficient managing down of coal assets consistent with a net zero emissions by 2050 global energy scenario" in its future annual reports.
New Hope says it will include both resolutions in its official AGM notice.
Image source: Getty Images
What else is happening with New Hope shares?
A separate notice released today discloses that non-executive director Ian Williams has purchased 10,000 New Hope shares.
He bought them on-market at $6.16 apiece for a total of $61,600.
Yesterday, the coal miner released its full-year FY23 results, revealing an almost $1.1 billion profit.
For the 12 months ended 31 July, New Hope booked record gross revenue of $2,648.8 million, up 6% on FY22. Net profit after tax (NPAT) rose by 10.6% to $1,087.4 million.
The company said record high coal prices in the first half offset lower sales due to weather events.
New Hope shares will pay a fully franked final dividend of 21 cents per share.
On top of that will be a special dividend of 9 cents per share.
As my Fool colleague James pointed out yesterday, this equates to a mega dividend yield of approximately 4.9% for this final payment of the year.
That sort of yield is impressive in annual terms, let alone for only six months!
The ASX coal share rose by 2.11% to a closing price of $6.30 on the back of the news.
This made it one of the top 10 risers of the S&P/ASX 200 Index (ASX: XJO) yesterday.
Recent history of New Hope shares
The New Hope share price is up 6.7% in the year to date and up 4.55% over the past 12 months.
New Hope shares will pay out the final dividend on 7 November.
