Key Updates on Paratus Energy's Shareholder Cash Distribution
Important News on Cash Distribution for Shareholders
Paratus Energy Services Ltd. has recently announced a significant decision from its Board of Directors regarding a cash distribution to its valued shareholders. This move aims to enhance shareholder return through a structured distribution plan that highlights Paratus' commitment to its investors. The distribution will be categorized as a return of capital and will utilize funds from the Company’s Contributed Surplus account. This account consists of share premiums that have been paid into the company over the years.
Critical Details about the Return of Capital
The Board has approved this distribution with a clear outline regarding the financial specifics. Here are the key components of the distribution plan:
Distribution Amount
Shareholders can expect a return of capital of USD 0.22 for each share they own. This distribution reflects Paratus’ dedication to providing value to its shareholders.
Currency of Payment
The distribution has been declared in USD, ensuring clarity and consistency with the associated amounts. Shareholders will receive payments in USD, but the actual amounts in Norwegian Krone (NOK) will be defined by the prevailing exchange rate just prior to payment.
Schedule of Important Dates
To keep shareholders informed, the important dates associated with this distribution include:
- Last day to include the right to the distribution: March 10
- Ex-date: March 11
- Record date: March 12
- Payment date: March 21
These dates are crucial for shareholders to keep track of their share ownership to receive the distribution effectively.
Operational Handling of Payments
For shareholders who possess shares listed outside the Euronext Securities Oslo/VPS, the payment process will be managed manually to ensure all stakeholders receive their distributions without delay. Paratus Energy is committed to facilitating smooth operations to uphold shareholder confidence.
Regulatory Compliance
This announcement is made in line with the disclosure requirements mandated by the Norwegian Securities Trading Act, section 5-12. Transparency is fundamental to Paratus, and the company strives to keep its investors well-informed of all pertinent information related to their investments.
About Paratus Energy Services Ltd.
Paratus Energy Services Ltd. is recognized as an important player in the energy sector, representing a portfolio of leading energy service companies. The firm is primarily known for its ownership of Fontis Energy, a prominent offshore drilling company operating a fleet of five advanced jack-up rigs currently engaged under contract operations in strategic offshore locations. Additionally, the company holds a significant partnership interest in Seagems, which focuses on subsea services with a fleet of six multi-purpose vessels conducting essential operations under contracts within additional critical geographies.
Partnership and Shareholding
Moreover, Paratus Energy is the principal shareholder of Archer Ltd., a distinguished global oil services entity listed on the Euronext Oslo Børs. This strategic relationship further solidifies Paratus’ position within the energy sector, reinforcing its commitment to driving innovation and operational excellence across its ventures.
Frequently Asked Questions
What is the amount of return of capital being distributed?
The return of capital is USD 0.22 per share.
What currency is the distribution declared in?
The distribution is declared in US dollars (USD).
When will shareholders receive their payment?
The payment date for the distribution is set for March 21.
How will the payment be calculated for shares held in other markets?
Payments for shares held outside of the Euronext Securities Oslo/VPS will be handled manually.
What regulations govern this announcement?
This distribution announcement complies with the Norwegian Securities Trading Act, section 5-12.
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