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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Methanex Corporation | NASDAQ:MEOH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 49.97 | 47.00 | 51.00 | 0 | 13:02:05 |
The Company is working with its banking partners to obtain flexibility on certain financial covenants in its existing $300 million committed revolving credit facility and $800 million non-revolving construction facility. The Company has agreed on key parameters with its lead bank and is working with the other members of the bank syndicate to finalize these changes to the credit facilities, which is expected in the second half of May.
In addition, the board of directors approved a 90 percent reduction in the quarterly cash dividend to $0.0375 per share from $0.36 per share. The reduction of our dividend represents approximately $100 million in annualized cash savings. The new dividend declared will be payable on June 30, 2020 to holders of common shares of record on June 16, 2020.
John Floren, President & CEO, commented, “We remain committed to creating long-term value for our shareholders while maintaining a strong financial position. We believe that the changes to our credit facilities and taking the prudent decision to reduce the dividend will provide us with enhanced financial flexibility and will preserve liquidity to enable us to navigate the current challenging business and commodity price environment and emerge financially strong.”
As previously announced, Methanex will report its Q1 2020 earnings results on May 5, 2020 and hold its earnings conference call on May 6, 2020 at 11:00AM Eastern Time (08:00AM Pacific Time).
About Methanex
Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the NASDAQ Global Market in the United States under the trading symbol "MEOH”. Methanex can be visited online at www.methanex.com.
Forward-Looking Information Warning
This news release contains forward-looking statements with respect to us and our industry. These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. Statements that include the words "believes," "expects," "will," or other comparable terminology and similar statements of a future or forward-looking nature identify forward-looking statements.
More particularly and without limitation, any statements regarding the following are forward-looking statements:
We believe that we have a reasonable basis for making such forward-looking statements. The forward-looking statements in this document are based on our experience, our perception of trends, current conditions and expected future developments as well as other factors. Certain material factors or assumptions were applied in drawing the conclusions or making the forecasts or projections that are included in these forward-looking statements, including, without limitation, future expectations and assumptions concerning the following:
However, forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The risks and uncertainties primarily include those attendant with producing and marketing methanol and successfully carrying out major capital expenditure projects in various jurisdictions, including, without limitation:
Having in mind these and other factors, investors and other readers are cautioned not to place undue reliance on forward-looking statements. They are not a substitute for the exercise of one’s own due diligence and judgment. The outcomes implied by forward-looking statements may not occur and we do not undertake to update forward-looking statements except as required by applicable securities laws.
For further information, contact:
Kim CampbellDirector, Investor RelationsMethanex Corporation604 661 2600 or Toll Free: 1 800 661 8851www.methanex.com
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