With respect to the 2018 financial year, a year in which free cash flow totalled $164 million, the Board recommended a final dividend of 10¢ per share, a total distribution of $27.9 million. This was distributed in June 2019.
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 announced an interim dividend of 5¢ per share as part of the 2019 half-year results, the dividend payment timetable for which is below:
How will the dividend be taxed?
Under Jersey law, this payment to shareholders arising from a debit to the share premium account is considered to be a ‘distribution’. Shareholders should take advice as to what is the appropriate tax treatment for this distribution.
What currency will shareholders receive?
The distribution of 5¢ per share will be converted into Pounds Sterling at the spot rate prevailing on 13 December 2019 (the record date), and will be paid in Pounds Sterling by cheque on 8 January 2020 (the payment date). Shareholders who would prefer to receive payment directly into their bank account are advised to complete the bank mandate form below and return to it our registrars before the record date:
Bank mandate form