Business
NEWPORT ANNOUNCES A CHANGE TO ITS QUARTERLY DIVIDEND POLICY
NEWPORT ANNOUNCES A CHANGE TO ITS QUARTERLY DIVIDEND POLICY Canada NewsWire Tra...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n\n\n\n NEWPORT ANNOUNCES A CHANGE TO ITS QUARTERLY DIVIDEND POLICY\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n Trading Symbol: NWX (TSX-V)\n \n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Aug. 9, 2024\n \n\n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") provides an update with respect to a change in its Quarterly Dividend Policy.\n \n\n\n\n\n\n\n\n\n Effective\n \n December 2019\n \n the Company's Board of Directors (\"the Board\") approved a quarterly fixed distribution of\n \n $0.01\n \n per share. The Company enacted this policy in\n \n March 2020\n \n , with subsequent dividend payments every three months. As previously disclosed, the Company reserved the right to change the dividend payment from time to time, which it has done on occasion. The Company's Special Dividend and Quarterly Dividend History is available on the Company's website. To date the Company has distributed approximately\n \n $58M\n \n in dividend payments to its shareholders. Investors are cautioned that historical results are no guarantee of future performance.\n \n\n As reported in a Company News Release dated\n \n February 12, 2024\n \n , in light of several factors affecting the uncertainty and potential volatility of cash flows derived from the Company's 2.5% Gross Overriding Royalty (\"GOR\") licences going forward, the Board deemed it prudent to amend its dividend in 2024 to a quarterly fixed dividend distribution of\n \n $0.005\n \n per share. In making this decision, the Board had considered recent production data, as well as statistics and analysis released by the World Bank, the International Energy Agency (\"IEA\"), and by the Organization of Petroleum Exporting Countries (\"OPEC\"), on the future of oil prices.\n \n\n As stated by\n \n Ian Rozier\n \n , President and CEO of the Company in the\n \n February 12, 2024\n \n News Release, \"\n \n By amending our dividend policy, we can retain GOR revenues as appropriate and act in a timely manner to any sudden windfall GOR payments, and we will issue dividends accordingly.\"\n \n\n\n Althoug...