LyondellBasell has announced that its Supervisory Board has authorised the company's Management Board to declare an interim dividend of US$0.78 per share, representing an 11% increase from the company's 1Q15 dividend. The interim dividend will be paid on 15 June 2015 to shareholders of record on 1 June 2015, with an ex dividend date of 28 May 2015.
The company also announced that at its Annual General Meeting on 6 May 2015, shareholders approved a new share repurchase programme authorising the company to repurchase up to 10% of the company's shares over the next 18 months. The repurchases will be executed from time to time through open market or privately negotiated transactions.
"The company has returned approximately US$17.2 billion through share repurchases and dividends since January 2011 and, since initiating share repurchases in 2013, has repurchased approximately 110 million shares. This new share repurchase program and the increase in the regular interim dividend is reflective of our continuing commitment to returning value to our shareholders," said CEO, Bob Patel.
The amount and timing of future share repurchases and dividends will depend on, and be subject to, market conditions, general economic conditions, applicable legal requirements and other corporate considerations. The share repurchase programme and dividend policy may be suspended or discontinued at any time. This share repurchase programme does not obligate LyondellBasell to acquire any particular amount of shares. LyondellBasell had approximately 473 million shares outstanding as of 6 May 2015.
Adapted from press release by Rosalie Starling
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