3rd Feb 2022 15:53
i3 Energy PLC - oil and gas producer in the UK and Canada - Switches to monthly dividend payments from bi-annual. i3 says that following its entry into the western Canadian sedimentary basin in mid-2020, its assets have generated predictable cash flow. A move to monthly dividend payments will speed the return of capital to shareholders for them to reinvest. i3 previously had announced a minimum 2022 dividend of GBP11.8 million, giving a 7.1% yield at Wednesday's closing price. This now will be divided into 10 equal instalments. i3 says it will declare its first monthly dividend in the first half of February for payment in March.
"We are confident in the predictability of our future cash flow, and a monthly dividend will appeal to investors seeking regular income and the option for reinvestment to improve returns," says Chief Executive Officer Majid Shafiq.
Current stock price: 15.47 pence, up 4.2% on Thursday
12-month change: more than doubled from 5.85p
By Tom Waite; [email protected]
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