I think most news outlet missed the big dividend payout announced yesterday. Of the rm385mil to be received for the disposal of the jack up rig, rm180mil will be paid as dividend to shareholders. Or 6.65sens per share. Might not see it from just the headline announcement. Need to read the docs.
"(2) Subject to the completion of the Proposed Disposal, it is the intention of the Board to distribute part of the proceeds to the shareholders of Icon via a cash dividend."
There is no mention on dividend rate. I assume you did your own calculation based on the gross allocation.
Seems like the board of directors has already approved the dividend. Now waiting for the completion. Based on the documents announced on 30 August, the completion should be quite soon. Closing date for the completion is between 3rd October and 30th Nov (refer to pg 9 under "Closing". Once closed, just need to wait for the announcement on when the dividend is to be paid.
The Closing section only mention about Buyer and Seller transaction terms. According to the document (ii) General corporate purposes and working capital requirement of the Group (2) 24 months RM208,613.
Explanatory note (2) The Company proposes to utilise part of the Disposal Consideration for its business operations. This includes financing the Company’s daily operations and operating expenses. In addition, the Disposal Consideration is partially for the Company to explore potential mergers and acquisitions (“M&As”) and investment opportunities in new business areas. ""The Company "may" also choose to distribute part of the Disposal Consideration as dividends to its shareholders."" The actual amount to be utilised for general corporate and working capital will vary based on the actual utilisation of the Disposal Consideration and estimated expenses for the Proposed Disposal. Any surplus or deficit in the allocation for each of the categories as stated above will be adjusted accordingly between each of the categories as the management deems appropriate
Dividend is not confirmed according to the document.
Estimated utilisation timeframe from the receipt of proceeds Gross proceeds Proposed utilisation of proceeds (RM’000) (ii) Distribution to shareholders of Icon (2) 6 months 180,000 (2) Subject to the completion of the Proposed Disposal, it is the intention of the Board to distribute part of the proceeds to the shareholders of Icon via a cash dividend.
RM 180 million to be distribute to shareholders of icon via a cash dividend. 30th Aug no mention but latest 11 Oct bursa announcement mention dividend.
The dividend will be paid upon completion. And the condition precedent (requirement) for completion is approval by icon's bod and shareholders. So i think they will call an EGM to get approval from shareholders soon. Why soon? In the 30th Aug, they did mentionned a dateline set on 30 Nov for completion.
I think most news outlet missed the big dividend payout announced yesterday. Of the rm385mil to be received for the disposal of the jack up rig, rm180mil will be paid as dividend to shareholders. Or 6.65sens per share. Might not see it from just the headline announcement. Need to read the docs.
**************************************************************************** If the distribution is at 0.0665 per share, it's still consider good return even if the share price is at RM 1 per share. Where to get the above 5% return p.a in any FD. I think the price will be up soon, probably investor still want to wait after the EGM. Maybe too late to buy at that time.
Wtf?? After 3 years I’m away you all still here??? Told u all don’t get stucked here.. don’t want to listen.. election also second round already share price still low.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
DickyMe2
1,509 posts
Posted by DickyMe2 > 2022-10-11 20:28 | Report Abuse
Mana ada hot? Sudah 3 tahun peram, x der apa apa pun.
Nasib baik punya kos under 5 sen saja.
Boleh tunggu sampai company bankrupt atau saya mati.