Post by
iamthekingofme on Jan 02, 2024 3:30pm
dividend talk in their own words 9 months ago...
ANNUAL INFORMATION FORM - FOR THE YEAR ENDED DECEMBER 31, 2022
March 8, 2023
Pg 24
DIVIDENDS
Tidewater’s general practice is 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 is generally 30 days prior to the dividend payment date.
Tidewater’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 and may vary depending on a variety of factors. In addition to the standard legislated solvency and liquidity tests that must be met, Tidewater’s ability to declare and pay dividends is also dependent on its compliance with the covenants under the Senior Credit Facility (See “Other Information Relating to Tidewater’s Business – Borrowing”).
In determining the level of dividends to be declared, the Board takes into consideration such factors as current and expected future levels of distributable cash flow (including income tax), capital expenditures, borrowings and debt repayments, changes in working capital requirements and other factors.
Over the long term, Tidewater expects to continue to pay dividends from its distributable cash flow; however, credit facilities may be used to stabilize dividends from time to time. Growth capital expenditures will be funded from retained cash flow from operating activities and proceeds from additional debt or equity, as required. Although Tidewater intends to continue to make regular quarterly dividends to Share
The last paragraph has a different layout (font, spacing etc) than the rest - noticed through the cut and paste to word. assuming a late revision prior to publication.