Hunting Withdraws Resolution For Approving Final Dividend Payout

(Alliance News) - Hunting PLC said Thursday it has withdrawn its resolution seeking shareholder approval for paying a final dividend of 6.0 US cents per share, due the recent unravelling of the global economy.

The energy services provider was initially intending to propose the dividend payout at its upcoming annual general meeting on April 15.

Instead, Hunting will pay an interim dividend of 3.0 cents per share, which absorb around USD5.0 million in costs. Hunting already had paid a first interim dividend of USD5.0 cents for 2019.

"In light of current global economic conditions, including the decline in the price of crude oil and the likely impact of the coronavirus on the short-term demand for oil and gas, the board has implemented measures to conserve cash and limit capital outflows," the group said.

Hunting will publish a trading update on the same date as the general meeting.

Shares in Hunting were up 2.4% at 187.30 pence on Friday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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