MOSCOW (MRC) -- The Board of Directors of Total has agreed to propose to the Annual Shareholders’ Meeting on May 24, 2016, a 2015 annual dividend of 2.44 euros per share, stable compared to the 2014 annual dividend, said the company in its press release.
This corresponds to a fourth quarter 2015 dividend of 0.61 euros per share, unchanged compared to the previous three 2015 interim quarterly dividends.
The Board will also propose to the Annual Shareholders’ Meeting the alternative for shareholders to receive the fourth quarter 2015 dividend in cash or in new shares of the company discounted by 10%.
Subject to approval at the shareholders’ meeting:
- the ex-dividend date for the fourth quarter dividend will be June 6, 2016;
- the price of each new share will be equal to 90% of the average opening Total SA price on the Euronext Paris over the 20 trading days preceding the shareholders’ meeting, reduced by the amount of the fourth quarter dividend, and rounded up to the nearest euro centime;
- the payment of the dividend in cash or the delivery of shares issued in lieu of the cash dividend is set for June 23, 2016.
As MRC wrote previously, Total's proposed new ethane cracker near its refinery in Port Arthur, Texas, is being designed to have a capacity of 1 million tpy, the company said in a permit application to the Texas Commission on Environmental Quality (TCEQ) in April 2015. Construction on the cracker could start in June 2016, the company said, with operations starting three years later. The project would include seven ethane-cracking heaters.
Total S.A. is a French multinational oil and gas company and one of the six "Supermajor" oil companies in the world with business in Europe, the United States, the Middle East and Asia. The company's petrochemical products cover two main groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.
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