Tullow held a Capital Markets Day in London on 29 November 2018 and announced a capital returns policy to start from the 2019 financial year. The policy states that the Group intends to pay an annual ordinary dividend based on its free cash flow generation, while ensuring an appropriate balance with debt reduction and investment in the business. It is expected that the total ordinary dividend in any year will be no less than $100 million and will be payable semi-annually, split between the interim and final dividend (1/3:2/3). In periods of particularly strong free cash flow generation, the Board will also look to supplement the ordinary dividend with additional returns to shareholders.
2019 Financial Year
The Board has approved an interim dividend of 2.35 cents/share (c.$33 million) which will be paid on 4 October 2019. This is in line with the Group’s Capital Returns Policy of intending to pay shareholders at least $100 million per year.
The dates for the 2019 Interim Dividend are set out below.
| Announcement date | 24 July (H1 Results) |
| 2019 HY results and USD cash dividend announcement date | 24 July 2019 |
| GHS currency conversion date * | 24 July 2019 |
| Ex-dividend date | 29 August 2019 |
| Record date | 30 August 2019 |
| Dividend Reinvestment Election and Currency Election dates | 13 September 2019 |
| GBP and EUR cash dividend announcement date | 18 September 2019 |
| Dividend payment date | 4 October 2019 |
* Using the Bank of Ghana Interbank mid-rate from 23 July 2019, published on 24 July 2019
CURRENCY
UK, EUROZONE & ghana
Tullow declares its dividends in US dollars. Tullow ordinary shareholders with registered addresses in the UK will receive payment of their dividend in Sterling. Those with registered addresses in European countries which have adopted the Euro will receive payment of their dividend in Euros. Those holding through the Ghana Stock Exchange will receive payment of their dividend in Ghanaian Cedi (GHS). The relevant exchange rates used to determine the payment of the Sterling and Euro dividends will be the average market exchange rates over 3 dealing days prior to the Sterling and Euro cash dividend announcement date. The relevant exchange rate used to determine the Ghanaian Cedi cash dividend will be the published Bank of Ghana Interbank mid-rate on the USD cash dividend announcement date.
OTHER COUNTRIES
Shareholders with registered addresses in all other countries will be paid in Sterling. Most overseas shareholders may be eligible to sign up for the global payments service which allows dividends to be paid directly into a shareholder bank account in their local currency.
Registrars
All shareholders except Ghana
Computershare Investor Services PLC
PO Box 82
Bridgwater Road
Bristol
BS99 6ZZ, UK
Ghana Shareholders
Central Securities Depository Ghana Limited (CSD)
4th Floor
Cedi House
PMB CT 465
Cantonments
Accra - Ghana