Originally Posted by
Ponda
Nice announcement this morning from PPP.
Lets see if that can help the SP.
QUOTE Below
PPP
27/04/2009
DIVIDEND
REL: 1104 HRS Pan Pacific Petroleum NL
DIVIDEND: PPP: PPP - Dividend Announcement
STOCK EXCHANGE ANNOUNCEMENT
27 April 2009
SPECIAL DIVIDEND
The Board of Pan Pacific Petroleum NL (PPP) has resolved that the Company pay
a special dividend of 3 cents per fully paid ordinary share amounting in
total to approximately A$18 million. Eligible shareholders will be those
registered at the close of business on 6 May 2009.
Payment of the dividend which will be made on 26 June 2009 is made in
recognition of the outstanding performance of the Tui oil project in New
Zealand which produced more oil and at much higher prices than envisaged by
the participants when development of Tui was approved.
The distribution will not have any significant effect on the Company's stated
intention to compete for new exploration and production opportunities, and to
build a sustainable revenue position. PPP remains committed to increasing
shareholder wealth through expansion of its oil and gas asset base.
PPP is aware that a significant number of shareholders have yet to provide
bank account details or tax file numbers to the share registry. Accordingly,
the registry will be writing to each shareholder of record who has not yet
provided these details to enable the dividend to be paid (where such an
election is made) into a nominated bank account and without the requirement
to withhold funds for taxation purposes.