Given Genel's robust financial position and the positive outlook for the Company, the Board is recommending no change in the final dividend of 10¢ per share (2019: 10¢ per share), a total distribution of c.$27.8 million.
As previously stated, 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 14 May 2020.
The payment timetable 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 10¢ per share will be converted into Pounds Sterling at the spot rate prevailing on 29 May 2020 (the record date), and will be paid in Pounds Sterling by cheque on 29 June 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