Pacific Rubiales announced a cash dividend in the aggregate amount of US $25,000,000 which translates to US $0.094 per common share. The dividend is payable on December 16, 2010 to shareholders of record as of December 3, 2010. The ex-dividend period begins on December 1, 2010. For shareholder trading on the Colombian stock exchange, the peso equivalency will be calculated based on the exchange rate as certified by the Superintendencia Financiera de Colombia for December 16, 2010 and will be published by Pacific Rubiales on the SIMEV website at the proper time.
Subject to approval from the Board of Directors, the Company expects to pay a dividend on a quarterly basis, with such decision being determined based on funds from operations, earnings, financial requirements, commodity price levels, legal requirements and other conditions existing in the future. This policy will continue to be reviewed by the Board of Directors, as needed, from time to time. Future dividends on Pacific Rubiales common shares are not guaranteed.
Ronald Pantin, Chief Executive Officer of the Company commented, "We are very pleased to initiate a dividend policy at this time. The issuance of a dividend at this juncture in the Company's development is further evidence of its commitment to solid and sustainable financial performance, and the Company having not only a robust investment portfolio but also the ability to generate cash flow for the benefit of all our shareholders. This initiative also has the benefit of potentially broadening our shareholder base to yield-based institutional funds and yield-seeking funds in South America."
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