Advantaged Production | Funded High Value Developments | Transformational Exploration

  • Home
  • News

Shareholder Capital Returns

Africa Oil Dividend Record

Aggregate U.S. $0.05 Per Year
Paid Semi-Annually
Record Date Payable Date1USD Amount2Notes
March 8, 2024March 28, 2024$0.025
September 8, 2023September 29, 2023$0.025
March 13, 2023March 31, 2023$0.025
September 9, 2022September 30, 2022$0.025
March 17, 2022March 31, 2022$0.025First dividend payment

Notes:

1 Payment date for shares traded on the Toronto Stock Exchange (“TSX”). Payment date for shares traded on Nasdaq Stockholm are different, please refer to the press release declaring the relevant distribution for the full details.

2 Dividends for shares traded on TSX will be paid in Canadian Dollars; however, all US and foreign shareholders will receive US Dollar funds. Dividends for shares traded on Nasdaq Stockholm will be paid in Swedish Kronor in accordance with Euroclear principles.

Dividend Withholding Tax Information

Notice to all Registered Non-Canadian Resident Shareholders

Dividend payments made to non-Canadian resident shareholders will be subject to withholding tax at a statutory withholding tax rate of 25%. This withholding tax rate may be reduced for individuals resident in countries which have a tax treaty with Canada, in accordance with the relevant tax treaty.

The Canada Revenue Agency (the “CRA”) requires a certification of residency from each shareholder so that the relevant tax treaty rate can be applied where applicable to individuals resident in countries which have a tax treaty with Canada.

Computershare Investor Services Inc. mailed form NR301 to all Registered non-Canadian resident shareholders. In order to receive the applicable treaty rate, you must complete and mail back the form to Computershare. Failure to supply a completed NR301 form will result in Computershare withholding the statutory 25% withholding tax rate on any payments to Registered non-Canadian resident shareholders. Instructions on how to correctly complete the NR301 are on the back of the form.

Notice to all Beneficial Non-Canadian Resident Shareholders

Shareholders who hold their shares through a broker should contact their broker directly. Such shareholders do not need to return a form to Computershare.

Shares traded on Nasdaq Stockholm

Dividend payments will be made net of 25% Canadian withholding tax and are subject to any other Canadian and Swedish taxes deemed applicable under Canadian and Swedish law. Shareholders may speak with their brokers regarding any applicable tax treaties.

Shareholders who are entitled to reclaim Canadian and/or Swedish tax under the applicable tax treaties should contact the CRA and the Swedish Tax Agency (the “STA”), respectively, directly, or have their brokers contact the same. For Swedish tax purposes, a reclaim may be filed by submitting the form SKV 3740, and supplemental attachments, to the Swedish Tax Agency. Shareholders who hold their shares through a nominee should contact their nominee.

AgencyWebsiteTelephone Number
STAhttps://www.skatteverket.se/+46 8 564 851 60
CRAhttps://www.canada.ca/en/revenue-agency.html1-855-284-5946

Africa Oil Normal Course Issuer Bid Share Buyback Program

Share Buyback Program 2023-2024

In December, 2023 Africa Oil Corp. announced that the Toronto Stock Exchange approved the Company’s proposed normal course issuer bid (referred to as a share buy-back program in Europe). All common shares repurchased by Africa Oil under the share buyback program will be cancelled. For an update on this program please refer to the ‘News’ section of the website and use the search function to locate the weekly press releases updating the number of shares repurchased.

Pursuant to the NCIB, Africa Oil is authorized to repurchase through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, as and when considered advisable by Africa Oil, up to 38,654,702 common shares of Africa Oil, representing 10% of the Company’s “public float” of 386,547,028 Common Shares as at November 27, 2023. As of the same date, Africa Oil had 462,945,871 Common Shares issued and outstanding. Purchases of Common Shares will occur over a period of twelve months commencing December 6, 2023 and ending on the earlier of December 5, 2024, the date on which the Company has purchased the maximum number of Common Shares permitted under the NCIB, and the date on which the NCIB is terminated by Africa Oil.

The maximum number of Common Shares which can be repurchased each day on Nasdaq Stockholm will be 25% of the average daily trading volume of the Common Shares for the 20 trading days preceding the date of purchase, subject to certain exceptions for block purchases. In addition, Africa Oil will be limited to daily purchases of no more than 96,006 Common Shares on the TSX, being 25% of Africa Oil’s average daily TSX trading volume of 384,024 Common Shares during the six months ended November 30, 2023, subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws.

Any Common Shares that the Company repurchases under the NCIB will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems at the prevailing market price at the time of such purchase and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish securities laws. The actual number of Common Shares that will be repurchased, and the timing of any such purchases, will be determined by Africa Oil, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws.

Share Buyback Program 2022-2023

The Company previously purchased a total of 20,512,373 Common Shares out of the 40,482,356 Common Shares authorized under the previous normal course issuer bid, which commenced on September 27, 2022 and ended on September 26, 2023, at a volume weighted average price per Common Share of CAD 3.10. All shares were purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and alternative Canadian trading systems.