23rd Mar 2020 18:30
(Alliance News) - Diversified Gas & Oil PLC said Monday it has been made aware of of an "administrative oversight" resulting in the firm incorrectly issuing dividends in 2017, 2018 and 2019.
DGO said it did not file unaudited interim accounts at Companies House as required by the Companies Act 2006 prior to making the shareholder payouts in those years - totalling GBP94.5 million.
"With respect to the relevant distributions, DGO had sufficient distributable reserves though it inadvertently did not file its unaudited interim accounts to Companies House confirming that the company had the requisite level of distributable profits as required under the Act. Consequently, the relevant distributions were paid in technical infringement of the Act, though neither the amount or payment of the relevant distributions, nor the company's prior audited accounts were affected, and there is no impact on the company's financial position either at the time of payment or now," DGO explained.
The company stressed future dividends are entirely unaffected by this matter and it has now filed the results with Companies House.
Shares in Diversified Gas & Oil closed flat in London on Monday at 71.00 pence each.
By Paul McGowan; [email protected]
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