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.
With respect to the 2018 financial year, following another strong year of free cash flow generation, the Board has decided to recommend a final dividend of 4.8¢/share (representing a total shareholder return of c.$67 million) which will be payable in May 2019 if approved at the 2019 AGM.
UK, EUROZONE & ghana
Tullow ordinary shareholders with registered addresses in the UK will receive payment of their dividend in pounds 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. The relevant exchange rate to be used to determine the payment of dividends will be the relevant World Market Reuters rate on 12 February 2019.
Shareholders with registered addresses in all other countries will be paid in pounds 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.
Dividend payment timetable
Announcement Date: 13 February 2019
Ex-Dividend Date: 4 April 2019
Record Date: 5 April 2019
Payment Date: 10 May 2019
All shareholders except Ghana
Computershare Investor Services PLC
PO Box 82
BS99 6ZZ, UK
Central Securities Depository Ghana Limited (CSD)
PMB CT 465
Accra - Ghana