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IMDEX Announces Special Dividend and Sale of Oil & Gas Asset VES

Source: www.gulfoilandgas.com 10/7/2019, Location: North America

Leading global Mining-Tech Company, Imdex Limited (IMDEX), announces a special fully-franked dividend of 2.0 cents per share following the sale of its interest in Vaughn Energy Services (VES).

In 2016, IMDEX divested or wrote-off all oil and gas assets to focus on the growth of its core minerals business. On 27 September 2019 the Company sold its 30% share in VES, which yielded net proceeds of $US4.3 million ($A6.4 million).

Commenting on the transaction, IMDEX’s Managing Director, Mr Bernie Ridgeway said: “We are pleased to finalise the sale of our last remaining oil and gas asset and provide a return to our valued shareholders. IMDEX has a strong balance sheet with a healthy net cash position. This enables us to continue to invest in our leading technologies and drive future growth.”

All the VES sale proceeds, together with an additional $1.4 million funded from existing cashflow, will be paid to IMDEX’s shareholders as a special fully-franked dividend of 2.0 cents per share. Dividend record and payment dates are 18 October 2019 and 1 November 2019 respectively.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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