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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 8 May 2018, shareholders approved the Board’s proposal to authorize the Board to distribute quarterly dividends on the basis of the financial statements for 2017. 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 2019, but no later than 30 June 2019.
Further information is available in the Minutes of Annual General Meeting 2018.
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 sheet development. 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.