ENP Newswire -
Release date- 01072014 -
The dividend is designated as an eligible dividend for the purposes of the Income Tax Act (
Pursuant to the Company's dividend policy, the declaration of regular quarterly dividends is determined quarterly based upon Mart's cash flows, liquidity, capital expenditure budgets, earnings, financial condition and other factors as the Board of Directors may consider appropriate from time to time.
In view of Mart's ongoing drilling program on the Umusadege field, additional capital required for the possible acquisition of a participating interest in a Nigerian oil mining lease, and uncertainty regarding timing of first oil through the Umugini Pipeline, Mart's Board of Directors have reduced the dividend this quarter to preserve cash to fund the capital needs of the Company's ongoing business and growth opportunities.
Share Dividend Plan and Enrollment
Mart's shareholders may receive dividend payments in the form of cash or common shares through the Company's recently adopted Share Dividend Program ('SDP'). Participation in the SDP is optional. Shareholders will continue to receive dividend payments in cash unless they chose to participate in the SDP. Shareholders wishing to participate in the SDP should contact their broker or intermediary or, in the case of registered shareholders, contact Mart's transfer agent, Computershare Trust Company of
Enrollment is required by
The SDP provides the option for shareholders to receive dividends, as and when declared, in the form of common shares of Mart in lieu of receiving a cash dividend on the dividend payment date. Common shares issued under the SDP are issued at a five per cent discount to the prevailing market price as defined in the Company's SDP, with no broker fees or commissions.
The SDP will generally be available to most shareholders and is expected to provide many shareholders with Canadian income tax treatment that is different from the income tax consequences applicable to cash dividends. Shareholders, wherever resident, are encouraged to consult their own tax or legal advisors regarding the tax consequences to them of receiving cash or share dividends.
Additional information on the SDP including the SDP Enrollment Form can be found at the Company's website at www.martresources.com or by contacting your financial institution or investment advisor. The availability of the SDP and the respective terms and conditions are subject to the discretion of Mart's management and Board of Directors.
Tel: +44 207 351 7937
Forward Looking Statements and Risks
Certain statements contained in this press release constitute 'forward-looking statements' as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as 'forward-looking statements'. These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
There is no assurance that future dividends will be declared or the timing or amount of any future dividend. The payments of dividends or distributions in the future are within the discretion of Mart's Board of Directors and are dependent on numerous factors including the Company's cash flow, capital expenditure budgets, earnings, financial condition, the satisfaction of the applicable solvency test in the Company's governing statute (the Business Corporations Act (
Mart's ability to continue to pay dividends in the future is also subject to many other factors including falling commodity prices, repatriation restrictions, disruptions or reductions in production or collection of receivables following sales of production. Dividend payments to shareholders will be subject to applicable statutory deductions and tax withholdings prescribed by applicable law.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
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