TIDMPTAL
RNS Number : 5926W
PetroTal Corp.
12 December 2019
PetroTal Announces Declaration of Dividend
Calgary, Alberta and Houston, Texas - December 12, 2019-PetroTal
Corp. ("PetroTal" or the "Company") (TSX-V: TAL and AIM: PTAL) is
pleased to announce that the Company's board of directors has
declared an interim dividend in respect of the common shares in the
capital of PetroTal (the "Common Shares") to shareholders of record
at the close of business on December 20, 2019 (the "Record
Date").
The interim dividend will be CAD$0.0017 (GBP0.001) cash for each
Common Share, subject to applicable withholding taxes for
non-Canadian resident shareholders, and will be paid on January 20,
2020. Based on the number of shares currently outstanding, this
represents a total dividend payment of approximately CAD$1.14
million (GBP0.66 million).
As announced at the time of the Company's most recent equity
placing on May 31, 2019, the Company intends to pay a total
dividend in respect of the half year period from July 1, 2019 to
December 31, 2019 equivalent to an annualized yield of 4% (based on
the GBP0.15 per share placing price). The interim dividend of
CAD$0.0017 (GBP0.001) per share declared today represents one-third
of the expected total dividend for that period and it remains the
Company's intention, subject to the ongoing satisfactory
performance of the Company's operations in Peru, to declare the
final two-thirds of the total dividend alongside the Company's
final results for the year ending December 31, 2019, which are
expected to be released in April, 2020.
Common Shares will commence trading on an ex--dividend basis on
December 19, 2019 (as of which date the Common Shares will no
longer have the attaching entitlement to this dividend).
Manolo Zuniga, President and Chief Executive Officer stated:
"We're pleased to honor our commitment to declare a dividend for
the second half of 2019. To date, operations in Bretaña have
exceeded expectations and we're delighted to be in a position to
share that success with our dedicated shareholders. Additional
development of the oil field will continue over the next few years,
and PetroTal expects to maintain this minimum level of dividend
obligation. Going forward, we expect to declare an interim dividend
representing one third of the annual entitlement in August of each
year, based on the first half year results, with the remaining two
thirds payable, based on the Company's full year results, declared
when annual results are published."
PetroTal's transfer agent, Computershare, will send registered
shareholders either CAD$0.0017 or GBP0.001 cash for each Common
Share held as of the Record Date, less any applicable withholding
taxes for non-Canadian resident shareholders. Holders of Common
Shares who hold their shares in the name of a nominee (i.e.
deposited with a securities broker, bank or other institution) will
not receive payment and instead will need to contact their nominee
for further information as to their entitlement to the
dividend.
The dividend is designated by PetroTal to be an "eligible
dividend" for purposes of the Income Tax Act (Canada) and any
similar provincial or territorial legislation. An enhanced dividend
tax credit applies to an eligible dividend paid to Canadian
resident individuals.
Notice to all Non-Canadian Resident Shareholders
In 2012, the Canada Revenue Agency ("CRA") changed how the tax
withholding rate applied to dividend payments made to non-residents
is determined. The CRA now requires a certification of residency
from each non-resident shareholder so that the preferred tax treaty
rate can be applied where applicable to persons resident in
countries which have a tax treaty with Canada. In order to receive
the preferred treaty rate, non-Canadian resident shareholders must
complete and mail back a completed form NR301. Failure to so will
result in Computershare withholding the statutory 25% withholding
tax rate on any payments to registered non-Canadian resident
shareholders. The form may be downloaded at
www.canada.ca/en/revenue-agency/services/forms-publications/forms/nr301.html.
About PetroTal
PetroTal is a publicly--traded, dual--quoted (TSX--V: TAL and
AIM: PTAL) oil and gas development and production company domiciled
in Calgary, Alberta, focused on the development of oil assets in
Peru. PetroTal's flagship asset is the Bretaña oil field in Peru's
Block 95 where oil production was initiated in June 2018, six
months after acquisition. Additionally, the Company has large
exploration prospects and is engaged in finding a partner to drill
the Osheki prospect in Block 107. The Company's management team has
significant experience in developing and exploring for oil in
Northern Peru and is led by a Board of Directors that is focused on
safely and cost effectively developing the Bretaña oil field.
For further information, please see the Company's website at
www.petrotal-corp.com or the Company's filed documents at
www.sedar.com.
For further information, please contact:
Douglas Urch
Executive Vice President and Chief Financial Officer
durch@PetroTal-Corp.com
T: (713) 609-9101
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer / Eric Allan
T: 44 (0) 207 409 3494
Numis Securities Limited (Joint Broker)
John Prior / Emily Morris
T: +44 (0) 207 260 1000
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
Tel: +44 (0) 20 7710 7600
This announcement contains inside information.
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: Certain of the statements made and
information contained herein, other than statements of historical
fact and historical information, is "forward-looking information"
within the meaning of applicable Canadian securities laws. Such
statements include, but are not limited to, the Company's dividend
policy, the payment of the dividend and declaration of future
dividends, and timing and amount thereof. Words such as "if", "will
be", "may" and "schedule", or variations of these terms or similar
terminology or statements that certain actions, events or results
"could" occur or be achieved are intended to identify such
forward-looking information. Although PetroTal believes that the
expectations reflected in the forward-looking information contained
herein are reasonable, these statements by their nature involve
risks and uncertainties, and are not guarantees of future
performance. Forward-looking information is based on a number of
assumptions, and subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those
reflected in the forward-looking statements. Should one or more of
these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements. Accordingly,
readers should not to place undue reliance on forward-looking
statements. PetroTal disclaims any intention or obligation to
update or revise any forward--looking statements or to explain any
material difference between subsequent actual events and such
forward-- looking statements, except to the extent required by
applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
111207284 v3
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DIVFMMMZMMRGLZZ
(END) Dow Jones Newswires
December 12, 2019 02:01 ET (07:01 GMT)
Petrotal (LSE:PTAL)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Petrotal (LSE:PTAL)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
