GasLog announced that its Board of Directors has approved the payment of a special dividend. In addition, the Board has authorized the Company to establish a share repurchase program.
- Payment of a special dividend in the amount of $0.40 per common share, payable on December 17, 2018 to shareholders of record on December 10, 2018
- Authorization of a share repurchase program of up to $50 million covering the period January 1, 2019 to December 31, 2021
In approving the special dividend, the Board considered GasLog’s liquidity following recent financing and corporate transactions by and with GasLog Partners LP, forecast debt amortization and capex commitments. The Board believes that the LNG shipping market is in the early stages of a multi-year upcycle underpinned by positive LNG supply and demand fundamentals.
Paul Wogan, Chief Executive Officer of GasLog, stated, “The payment of the special dividend and the authorization of a share repurchase program enables the Company to deliver on the prospect of enhanced shareholder returns communicated at our Investor Day in April and reiterated at our recent quarterly results. The special dividend underscores our positive outlook for LNG shipping markets and rewards shareholders for their trust in the GasLog investment case. Continued execution of our strategy against a strong market backdrop is expected to deliver the financial capacity to fund charter-backed fleet growth and to consider the scope for further special dividends and share repurchases”.