Business
Dividend Declaration & Share Buyback Programme
Dividend Declaration & Share Buyback Programme.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n\nPharos Energy plc\n(\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\nInterim Dividend Declaration & Continuation of Share Buyback Programme\nInterim Dividend\n \nIn the Company's Interim Results announcement on 13 September 2023, the Company indicated an additional distribution to shareholders would be considered within the parameters of the sustainable regular dividend policy announced in September 2022. Under the policy, Pharos intends to return to shareholders by way of dividend no less than 10% of Operating Cash Flow (OCF) each year in two tranches:\n \n· An interim dividend of around 33% of the previous year's final dividend, payable in January of the following year; and\n· Subject to shareholder approval, a final dividend payable in July of the following year.\n \nConsistent with the policy, the Board today announces that it has resolved to declare and pay an interim dividend in relation to the financial year ending 31 December 2023 of 0.33 pence per ordinary share, amounting to approximately $1.8m. The estimated total cost of the interim dividend assumes that the trustee of the Pharos Employee Benefit Trust (EBT) will waive its right to receive the dividend in relation to the ordinary shares held in the EBT. \n \nThe key dates for this interim dividend are as follows:\n \n• Ex-dividend date: Thursday 21 December 2023\n• Record date *: Friday 22 December 2023\n• Payment date: Wednesday 24 January 2024\n \n* Only shareholders on the Pharos Energy plc register of members as at close of business on the record date will receive the interim dividend.\n \nContinuation of share buyback programme\n \nFollowing the initiation of a share buyback programme to purchase $3m (excluding stamp duty and expenses) of the Company's ordinary shares in July 2022, and the commitment of a further $3m (excluding stamp duty and expenses) to an extension of the programme (the First Programme Extension) in January 2023, we are pleased to announce that we expect to complete the First Programme Extension around the end of the year. As at close of business on 5 December 2023, a total of 19.8 million shares have bee...