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Newport Payment of First Quarterly Cash Dividend in 2021
Newport Payment of First Quarterly Cash Dividend in 2021 Canada NewsWire ...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n Newport Payment of First Quarterly Cash Dividend in 2021\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 VANCOUVER, BC\n \n ,\n \n March 15, 2021\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to announce the payment of its first quarterly cash dividend (\"the Dividend\") in 2021 of\n \n $0.01\n \n /share to its shareholders of record at the close of business on\n \n February 25\n \n \n th\n \n , 2021. As previously disclosed, the Company proposes to continue with the payment of quarterly dividend distributions, with the next payment scheduled for June, 2021.\n \n \n \n \n \n \n \n \n \n \n \n Annual Dividend and 2021 Share Price Performance\n \n \n \n \n The\n \n $0.01\n \n /share dividend paid on\n \n September 10\n \n \n th\n \n , 2020, the\n \n $0.03\n \n /share dividend paid on\n \n December 11\n \n \n th\n \n , 2020 and the first quarterly dividend payment in 2021 of\n \n $0.01\n \n /share dividend paid on\n \n March 12\n \n \n th\n \n , 2021, along with the dividend to be paid in June, 2021, will be recorded in the Financial Year ended\n \n July 31, 2021\n \n . The Company's ability to return cash to shareholders is attributed to the recurring free cash flow generated by its 2.5% Gross Overriding Royalty (\"GOR\") from licences in the Cooper Basin,\n \n Australia\n \n , operated by Beach Energy Ltd (\"Beach\").\n \n \n Since 2015 the Company has paid an average Annual Yield of 21%. With Beach's exploration success, reported oil reserves and low production costs, Management is confident that shareholders of the Company should continue to be rewarded with dividend continuity.\n \n \n Investors are cautioned that historical results are no guarantee of future performance.\n \n \n \n \n Management Strategy\n \n \n \n \n As reported in a Company News Release dated\n \n February 10\n \n \n th\n \n , 2021, Management's dividend strategy has enabled the Company to retain a margin of safety to maintain dividend distributions despite the sector ...