During the year ended December 31, 2019, the Corporation announced that it would start a regular recurring quarterly dividend. Canacol’s general practice will be to pay quarterly cash dividends on the Common Shares from its distributable cash flow to Shareholders of record as of the dividend record date, which will generally be 15 days prior to the dividend payment date.
Canacol’s dividend policy is intended to provide Shareholders with relatively stable and predictable quarterly dividends, while retaining a portion of cash flow to fund maintenance capital and ongoing growth projects. The amount of dividends to be paid on the Common Shares, if any, is subject to the discretion of the Board of Directors and may vary depending on a variety of factors.
In addition to the standard legislated solvency and liquidity tests that must be met, Canacol’s ability to declare and pay dividends is also dependent on its compliance with the covenants under the 2021 Senior Note Indenture and the 2023 Credit Facility.
Declaration Date
|
Record Date
|
Payment Date
|
Cents Per Share (CAD$)
|
December 5, 2019
|
December 16, 2019
|
December 30, 2019
|
0.052
|
March 19, 2020
|
March 31, 2020
|
April 15, 2020
|
0.052
|
June 18, 2020
|
June 30, 2020
|
July 15, 2020
|
0.052
|
September 18, 2020
|
September 30, 2020
|
October 15, 2020
|
0.052
|
December 14, 2020 | December 31, 2020 | January 15, 2021 | 0.052 |
March 18, 2021 | March 31, 2021 | April 15, 2021 | 0.052 |
June 21, 2021 | June 30, 2021 | July 15, 2021 | 0.052 |
September 16, 2021 | September 30, 2021 | October 15, 2021 | 0.052 |
December 14, 2021 | December 30, 2021 | January 17, 2022 | 0.052 |
March 17, 2022 | March 31, 2022 | April 19, 2022 | 0.052 |
June 20, 2022 | June 30, 2022 | July 15, 2022 | 0.052 |
September 19, 2022 | September 30, 2022 | October 17, 2022 | 0.052 |
December 14, 2022 | December 29, 2022 | January 16, 2023 | 0.052 |
March 16, 2023 | March 31, 2023 | April 17, 2023 | 0.26 |
*On January 17, 2023, 170,557,290 Common Shares issued and outstanding were reduced to 34,111,458 Common Shares, this will translate to quarterly cash dividends of CAD $0.26 per share (Post-Consolidation) in comparison to CAD $0.052 (Pre-Consolidation) per share.