Hunting replaces final dividend with smaller interim distribution

The London-listed oil and gas sector supplier said that in light of current global economic conditions, including the decline in the price of crude oil and the likely impact of the Covid-19 coronavirus pandemic on short-term demand for oil and gas, it had implemented measures to conserve cash and limit capital outflows.

“As part of these immediate actions, the Board has decided to withdraw resolution three, as contained in the 2020 notice of the annual general meeting, which sought shareholder approval to pay a final dividend of six cents per share to shareholders on 15 May,” the board said.

It said that in place of the 2019 final dividend, it had decided to pay an interim dividend for 2020 of three cents per share, to be paid to shareholders on the register on 17 April, which would absorb around $5m.

“The payment date for this interim dividend will be 15 May,” the board said.

At the same time, Hunting also said it was moving the location of its annual general meeting to its registered office in London on 15 April.

It “strongly” urged shareholders to follow current UK government advice to remain home, however, and said it intended to refuse entry to those who attempted to attend in person in order to comply with public health restrictions.

The form said its next trading update would be published on 15 April - the date of the annual general meeting.

At 1141 BST, shares in Hunting were up 6.59% at 195.07p.