Genel Energy PLC: Announcement of maiden dividend (797015)

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 Genel Energy PLC (GENL) 
Genel Energy PLC: Announcement of maiden dividend 
 
08-Apr-2019 / 13:47 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
8 April 2019 
 
           Genel Energy plc 
 
           Announcement of maiden dividend 
 
 Genel Energy plc ('Genel' or 'the Company') is pleased to announce that, at 
   the bondholder meeting held today, the Company's proposal was adopted and 
          the waiver of the dividend restriction in 2019 has been confirmed. 
 
     With respect to the 2018 financial year, a year in which free cash flow 
        totalled $164 million, the Board has accordingly recommended a final 
           dividend of 10¢ per share, a total distribution of $27.9 million. 
 
       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 intends to announce an interim dividend of 5¢ per share as part of the 
              2019 half-year results, which are scheduled for 6 August 2019. 
 
                      Bill Higgs, Chief Executive of Genel, said: 
 
  "Genel has highly cash generative assets and material growth opportunities 
  in the portfolio. Even after drilling 20 wells in 2019 and progressing the 
  exciting opportunities at Sarta and Qara Dagh, we still expect to generate 
over $100 million in free cash flow. We will continue to focus on delivering 
  on our strategy as we begin the distribution of a material and sustainable 
  dividend, and aim to provide investors with a compelling mix of growth and 
                      returns." 
 
                      FINAL DIVIDEND PAYMENT TIMETABLE 
 
  · Annual General Meeting: 16 May 2019 
 
  · Ex-dividend date: 23 May 2019 
 
  · Record Date: 24 May 2019 
 
  · Payment Date: 24 June 2019 
 
 For further information on the dividend please see www.genelenergy.com [1]. 
 
 DNB Markets and Pareto Securities were engaged as financial advisers to the 
     Company in respect to the bond waiver request. For further information, 
                      please see www.stamdata.no [2]. 
 
           -ends- 
 
                      For further information, please contact: 
 
Genel Energy                          [phone] 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   [phone] 
 
Patrick d'Ancona 
 
                      Notes to editors: 
 
       Genel Energy is an independent oil and gas exploration and production 
  company listed on the main market of the London Stock Exchange (LSE: GENL, 
    LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and 
offices in Ankara and Erbil, is one of the largest London-listed independent 
   oil producers, and is the largest holder of reserves and resources in the 
   Kurdistan Region of Iraq. Genel has highly cash-generative oil production 
    from the Taq Taq and Tawke licences, with material growth potential from 
other assets in the portfolio. Genel also continues to pursue further growth 
 opportunities. For further information, please refer to www.genelenergy.com 
                      [1]. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCH 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  8129 
EQS News ID:   797015 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=797015&site_id=vwd_london&application_name=news 
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=8456f99a1dc67e823d56c2df0802a893&application_id=797015&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

April 08, 2019 08:48 ET (12:48 GMT)