Business
Dividend Declaration
Dividend Declaration.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6116B\n Jadestone Energy PLC\n 11 June 2021\n \n \n \n \n \n Jadestone Energy\n \n \n \n \n Dividend Declaration\n \n \n \n \n \n 11 June \n \n 2021-Singapore:\n \n Jadestone Energy plc (the \"Company\" or including subsidiaries, the \"Group\"), an independent oil and gas production company focused on the Asia Pacific region, is pleased to declare the Group's second 2020 dividend.\n \n \n \n \n \n Further to the Group's 22 April 2021 announcement of the intention to declare a second 2020 dividend following the completion of the capital reduction, the directors have today declared a dividend of 1.08 US cents/share (or equivalent to 0.77 GB pence/share based on the current spot exchange rate of 0.7087), equivalent to a total distribution of US$5.0 million. The dividend will be paid on a gross basis, in US dollars. The timetable for payment is as follows:\n \n \n \n \n \n l \n Ex-dividend date: 17 June 2021\n \n \n l \n Record date: 18 June 2021\n \n \n l \n Expected payment date: 30 June 2021\n \n \n \n \n \n Paul Blakeley, President and CEO commented:\n \n \n \"I am delighted to provide our shareholders with direct returns and to complete the guidance commitment we made in 2020. With this dividend payment, the Group will have paid shareholders a total of US$7.5 million in respect of our 2020 performance. \n \n \n \n \n \n \"Payment of this second and remaining portion of our 2020 dividend programme underscores the resilient performance of the underlying business in 2020. Despite the oil price collapse, we were able to generate positive organic free cashflow, after paying down debt outstanding by around US$43 million and more than doubling our net cash position to US$82 million, as well as announcing and closing the acquisition of Lemang during the year.\n \n \n \n \n \n Importantly, and in contrast to the Group's maiden dividend payment, this dividend will be paid to shareholders without Canadian withholding tax, thereby underscoring one of the benefits of our recent internal reorganisation and redomicile to the UK.\"\n \n \n \n \n \n The Company's growth-oriented strategy remains unchanged; the business model is highly cash-generative, and, as a result, is fundamentally pre-disposed to providing cash ret...