A very pleasant surprise dividend announcement today Newport Exploration Ltd ("Newport" or "the Company") is pleased to announce its fourth quarterly cash dividend ("the Dividend") in 2020 of $0.03 per share to its shareholders of record at the close of business on November 26, 2020. The Dividend payment date is December 11, 2020.
The Dividend, fully approved by the Board of Directors, is not subject to any changes and has been designated as an "eligible dividend" for Canadian income tax purposes.
Increased Dividend
As discussed in a Company News Release dated August 12, 2020, the move from an annual dividend to a quarterly dividend in 2020 has proved to be the right decision as it has provided the Company with the flexibility to maintain its financial position during a very difficult period. In a sector where many companies are bowing to the inevitable toll of low oil prices and are choosing to cut or eliminate dividends, Newport is keeping its pledge to return cash to its shareholders in the form of a regular dividend. Furthermore, the Company's strong balance sheet ensures that it has the ability to not only maintain regular $0.01 per share quarterly dividend payments, but to increase the fourth quarterly dividend for 2020 to $0.03 per share. This is being done for the benefit of all shareholders and without taking on any debt or undertaking equity financing.
The press release is very lengthy and should be read by all investors.
I still have paststated concderns but the dividend incrrease is appreciated.