Petrolia SE proposes $0.02-per-share distribution, subject to shareholder approval
Petrolia SE has proposed a cash payment equivalent to 0.189 Norwegian kroner per share, with shareholder approval scheduled for November 11 and payment expected around November 25.
Nicosia, Cyprus. Energy company Petrolia SE has proposed distributing $0.02 per share in cash, equivalent to 0.189 Norwegian kroner, according to a notification filed with the Cyprus Stock Exchange (CSE). The payment requires shareholder approval and is expected around November 25.
Currency and tax treatment
The company said the proposed distribution is denominated in US dollars, while shareholders would receive payment in Norwegian kroner. For Norwegian tax purposes, the payment would be classified as a return of paid-in capital.
Approval and entitlement dates
According to the notification, shareholders will consider the proposal at an extraordinary general meeting scheduled for November 11. The notice also identifies November 11 as the approval date.
November 11 will also be the final trading day on which shares can be purchased with entitlement to the distribution. Ex-distribution trading begins on November 12, so purchases from that date will not qualify for the payment.
The notification sets November 13 as the record date for identifying eligible shareholders, with payment expected on or around November 25.
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