It is the ambition of TGS to pay a cash dividend that is in line with its long-term underlying cash flow. When deciding the dividend amount, the TGS Board of Directors will consider expected cash flow, investment plans, financing requirements and a level of financial flexibility that is appropriate for the TGS business model. In addition to paying a cash dividend, TGS may also buy back its own shares as part of its plan to distribute capital to shareholders.
At the Annual General Meeting held on 10 May 2016, shareholders approved
the Board’s proposal to authorize the Board to distribute quarterly dividends
on the basis of the financial statements for 2015. The Board shall, when
using the authorization, pass its decision in accordance with the Company’s
approved dividend policy. The authorization shall be valid until the
Company’s annual general meeting in 2017, but no later than 30 June 2017.
Further information is available in the Minutes of Annual General Meeting 2016.
From 2016, TGS
commenced paying dividends on a quarterly basis in accordance with the
shareholder approved resolution. The aim will be to keep a stable quarterly
dividend through the year, but the actual level paid will be subject to
continuous evaluation of market outlook, cash flow expectations and balance
The ex-dividend date will normally be seven days after the announcement of the
dividend in connection with the release of quarterly financial statements, with
the payment date 14 days after the ex-dividend date.