Pacific Rubiales announces fourth quarter dividend
Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) announced its fourth quarter 2014 cash dividend of U.S.$0.165 per common share payable on December 19, 2014 to shareholders of record as of December 12, 2014 and to holders of Brazilian Depositary Receipts (the “BDRs”) of record as of December 9, 2014. The ex-dividend date for shareholders trading on the Toronto Stock Exchange and the La Bolsa de Valores de Colombia (or the Colombia Stock Exchange) as well as for those trading BDRs on the Bolsa de Valores Mercadorias e Futuros (or the Brazilian Stock Exchange) is December 10, 2014.
For shareholders trading on the Colombian Stock Exchange, the Colombia peso equivalency shall be calculated based on the exchange rate as certified by the “Central Bank” on the date of monetization and will be published on the SIMEV website at the proper time.
With respect to the BDRs traded on the Brazilian Stock Exchange, the Depositary Institution in Brazil will execute the exchange agreement as of the date of the payment of the dividend to the holders of BDRs, on or about December 19, 2014, for conversion purposes. Also, the holders of BDRs registered on December 9, 2014 shall be entitled to receive the dividends from the Depositary Institution on or about December 30, 2014.
Subject to approval from the Board of Directors, the Company expects to continue paying a dividend on a quarterly basis at this level, with such decision being determined based on funds from operations, earnings, financial requirements, commodity price levels, legal requirements and other conditions existing in the future. While a formal dividend policy is not in place, the payment of quarterly dividends will continue to be reviewed by the Board of Directors, as needed, from time to time. Future dividends on Pacific Rubiales common shares and, consequently, BDRs, are not guaranteed.
The Company intends to designate all dividends as “eligible dividends” for purposes of the Income Tax Act (Canada) unless a notification of change is otherwise posted on the Company’s website at www.pacificrubiales.com and on SEDAR at www.sedar.com. Provided the designation is made, the dividend will be considered an “eligible dividend” for tax purposes. An eligible dividend received by a Canadian resident individual shareholder is entitled to the enhanced dividend tax credit.
Source: Pacific Rubiales