- Om Tethys Oil
The board of directors in Tethys Oil proposes to the annual general meeting 2015 a total distribution of SEK 3.00 per share, equal to MSEK 106, be paid for the 2014 fiscal year. The distribution is proposed to be made by a cash dividend of SEK 1.00 per share and by redemption of shares of SEK 2.00 per share.
Tethys Oil has generated significant cash flows in recent years and the group's financial position is strong. It is therefore the view of the board that there is room for cash distribution to the shareholders.
The board of directors has resolved to propose to the annual general meeting a cash dividend of SEK 1.00 per share and a mandatory share redemption procedure, whereby every share is split into one ordinary share and one redemption share. The redemption share is then automatically redeemed at SEK 2.00 per share. This corresponds to a total distribution to shareholders of SEK 3.00 per share amounting to SEK 105,575,070.
The dividend and share redemption are subject to approval at the annual general meeting 2015, which will be held on 13 May 2015. Further information regarding the board's proposal will be presented in the notice and the documents for the annual general meeting.
For further information, please contact
Magnus Nordin, managing director, phone +46 8 505 947 00
The information in this press release has been made public by the Company in accordance with the Securities Market Act and/or the Financial Instruments Trading Act.
Tethys Oil AB (publ)
Tethys Oil is a Swedish energy company focused on exploration and production of oil and natural gas. Tethys Oil's core area is Oman, where the company is one of the largest onshore oil and gas concession holders. Tethys Oil also has exploration and production assets onshore France and Lithuania. The shares are listed on Nasdaq Stockholm (TETY).