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Jadestone Energy PLC - oil and gas production in Asia-Pacific - Confirms previous plan to pay a 1.08 US cents per share second 2020 dividend. This follows a 0.54 cent interim dividend, its maiden dividend, and results in a total payout of 1.62 cents per share, or USD7.5 million in total. Jadestone notes that, unlike the interim payout, the final dividend for 2020 will be paid without Canadian withholding tax, due to the company's redomicile to the UK.
Chief Executive Officer Paul Blakeley says that positive free cashflow in 2020 allowed Jadestone to pay down debt by USD43 million, more than doubling its net cash position to USD82 million.
"The company's growth-oriented strategy remains unchanged," Jadestone says, "The business model is highly cash-generative, and, as a result, is fundamentally pre-disposed to providing cash returns, after allowing for organic reinvestment needs, whilst maintaining a conservative capital structure, and not limiting options for further inorganic growth. The company intends to maintain and grow the dividend over time, in line with underlying free cash flow generation."
Current stock price: 68.89 pence
Year-to-date change: up 12%
By Tom Waite; thomaslwaite@alliancenews.com
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