Jones Energy, Inc. Declares Contingent Convertible Preferred Stock Dividend
July 17 2018 - 4:15PM
Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or “the Company”)
today announced that its Board of Directors has declared a
contingent quarterly dividend per share equal to 8.0% on an
annualized basis based on the liquidation preference of $50.00 per
share, or $1.00 per share, on the Company’s 8.0% Series A Perpetual
Convertible Preferred Stock (the “Preferred Stock”). If paid,
the dividend will be paid in the Company’s Class A common stock.
The price per share of the Class A common stock used to
determine the number of shares to be issued (the “Dividend
Valuation Price”) will be equal to 95% of the average
volume-weighted average price per share for each day during the
five consecutive day trading period ending immediately prior to the
payment date.
This contingent dividend is for the period beginning on the last
scheduled payment date of May 15, 2018 through August 14, 2018 and,
subject to the contingency described below, will be payable on
August 15, 2018 to shareholders of record as of August 1, 2018.
In order for the Company to pay the dividend in shares of Class
A common stock in full in accordance with the terms of the
Preferred Stock, the Dividend Valuation Price must be at or
above $0.76 (the “Floor Price”)1. If the Dividend
Valuation Price is below the Floor Price, the Preferred Stock
dividend payable on August 15, 2018 will not be paid by
the Company and the right to receive those dividends will accrue
for holders of Preferred Stock.
About Jones Energy
Jones Energy, Inc. is an independent oil and natural gas company
engaged in the exploration, development and acquisition of oil and
natural gas properties in the Anadarko basin of Oklahoma and
Texas. Additional information about Jones Energy may be found
on the Company’s website at: www.jonesenergy.com.
Investor Contact:Page Portas, 512-493-4834Investor Relations
AssociateOrRobert Brooks, 512-328-2953Executive Vice President
& CFO
_____________________________1 As defined in the Certificate of
Designations for the Preferred Stock and as adjusted in
accordance with the terms of the Certificate of Designations.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements. Without limiting the generality of the
foregoing, forward-looking statements contained in this press
release specifically include the Company’s payment of future
dividends on the Preferred Stock. Any forward-looking
statement speaks only as of the date on which such statement is
made and the Company undertakes no obligation to correct or update
any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law.