Genel Energy PLC: Announcement of maiden dividend (797015)
April 08 2019 - 8:48AM
UK Regulatory
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Genel Energy PLC (GENL)
Genel Energy PLC: Announcement of maiden dividend
08-Apr-2019 / 13:47 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
8 April 2019
Genel Energy plc
Announcement of maiden dividend
Genel Energy plc ('Genel' or 'the Company') is pleased to announce that, at
the bondholder meeting held today, the Company's proposal was adopted and
the waiver of the dividend restriction in 2019 has been confirmed.
With respect to the 2018 financial year, a year in which free cash flow
totalled $164 million, the Board has accordingly recommended a final
dividend of 10¢ per share, a total distribution of $27.9 million.
As previously stated, given the strong free cash flow forecast of the
business even after investment in growth opportunities, the Company intends
to pay a minimum dividend of $40 million per annum. This will be split
between an interim and final dividend, to be paid one-third/two-thirds. The
final dividend reflects this split and will be subject to shareholder
approval at the AGM on 16 May 2019.
Genel intends to announce an interim dividend of 5¢ per share as part of the
2019 half-year results, which are scheduled for 6 August 2019.
Bill Higgs, Chief Executive of Genel, said:
"Genel has highly cash generative assets and material growth opportunities
in the portfolio. Even after drilling 20 wells in 2019 and progressing the
exciting opportunities at Sarta and Qara Dagh, we still expect to generate
over $100 million in free cash flow. We will continue to focus on delivering
on our strategy as we begin the distribution of a material and sustainable
dividend, and aim to provide investors with a compelling mix of growth and
returns."
FINAL DIVIDEND PAYMENT TIMETABLE
· Annual General Meeting: 16 May 2019
· Ex-dividend date: 23 May 2019
· Record Date: 24 May 2019
· Payment Date: 24 June 2019
For further information on the dividend please see www.genelenergy.com [1].
DNB Markets and Pareto Securities were engaged as financial advisers to the
Company in respect to the bond waiver request. For further information,
please see www.stamdata.no [2].
-ends-
For further information, please contact:
Genel Energy +44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Communications +44 20 7390 0230
Patrick d'Ancona
Notes to editors:
Genel Energy is an independent oil and gas exploration and production
company listed on the main market of the London Stock Exchange (LSE: GENL,
LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and
offices in Ankara and Erbil, is one of the largest London-listed independent
oil producers, and is the largest holder of reserves and resources in the
Kurdistan Region of Iraq. Genel has highly cash-generative oil production
from the Taq Taq and Tawke licences, with material growth potential from
other assets in the portfolio. Genel also continues to pursue further growth
opportunities. For further information, please refer to www.genelenergy.com
[1].
ISIN: JE00B55Q3P39
Category Code: MSCH
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 8129
EQS News ID: 797015
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=797015&site_id=vwd_london&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=8456f99a1dc67e823d56c2df0802a893&application_id=797015&site_id=vwd_london&application_name=news
(END) Dow Jones Newswires
April 08, 2019 08:48 ET (12:48 GMT)
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