9 June 2015
Manager of Company Announcements
ASX Limited
Level 6, 20 Bridge Street
SYDNEY NSW 2000
By E-Lodgement
GENERAL MEETING - CAPITAL RETURN AND DIVIDEND
Otto Energy Ltd (ASX: OEL) ("Otto") is pleased to announce in accordance with Listing Rule 3.13.2 and Section 251AA of the Corporations Act, that the Resolution - Return of Capital to Shareholders as listed in the Notice of Meeting for the General Meeting of Otto held on 9 June 2015, was passed on a show of hands.
Details of the resolution and valid proxy results received in respect of the Resolution is set out in the attached proxy summary.
In conjunction with the results of the General Meeting, Directors have declared that a A$0.0076 per share Special Dividend (unfranked) will be paid simultaneously with the Capital Return.
The combination of the Capital Return and Special Dividend will result in A$0.064 per share being paid to shareholders on
26 June 2015.
Matthew Allen, Otto's CEO said:
"Following the successful disposal of subsidiary Galoc Production Company WLL, the holder of Otto Energy's 33% working interest in the Galoc oil field to Nido Petroleum Limited, we are extremely pleased to distribute A$0.064 per share of cash back to our shareholders.
The sale and capital return is an excellent outcome for Otto which enables us to successfully return value to shareholders, and deliver our future exploration plans and growth strategy whilst maintaining a sound balance sheet."
The Record Date and other important dates are set out over page.
OTTO AT A GLANCE
• ASX-listed oil and gas company with a strategy to grow an integrated petroleum business through high impact exploration
• Focused on South East Asia and East
Africa
• Formerly Operator of the producing
Galoc oil field in the Philippines
COMPANY OFFICERS Rick Crabb Chairman Ian Macliver Director
Rufino Bomasang Director John Jetter Director Ian Boserio Director Matthew Allen CEO Craig Hasson CFO
Neil Hackett Company Secretary
32 Delhi Street, W est Perth WA 6005 Australia PO Box 1414, W est Perth, WA 6872 Australia T: +61 8 6467 8800 F: +61 8 6467 8801 [email protected] ASX Code: OEL ABN: 56 107 555 046
Key Dates:
12 June 2015
|
Shares commence trading on an "ex return of capital" basis and "ex special dividend" basis
|
16 June 2015
|
Record date for determining entitlements to participate in return of capital and special dividend
|
26 June 2015
|
Payment date for return of capital and special dividend to shareholders
|
RESULTS OF GENERAL MEETING
Proxy Summary 9 June 2015
Resolution 1 - Return of Capital to Shareholders
The instructions given to validly appointed proxies in respect of the resolution were as follows:
For
|
Against
|
Abstain
|
Proxy Discretion
|
753,547,070
|
106,330
|
0
|
6,426,131
|
99.14%
|
0.01%
|
-
|
0.85%
|
The motion was carried as an Ordinary Resolution on a show of hands.
~Ends~
Contact: Matthew Allen
Chief Executive Officer
+61 8 6467 8800 [email protected]
Media:
Matthew Gerber
Citadel-MAGNUS
+61 2 8999 1002 [email protected]
32 Delhi Street, W est Perth WA 6005 Australia PO Box 1414, W est Perth, WA 6872 Australia T: +61 8 6467 8800 F: +61 8 6467 8801 [email protected] ASX Code: OEL ABN: 56 107 555 046