Tribune Resources Limited (ASX: TBR) - Stock down as it trades ex-dividend

  • Sep 25, 2018 AEST
  • Team Kalkine
Tribune Resources Limited (ASX: TBR) - Stock down as it trades ex-dividend

Falling to the Ex-Dividend date of today, 25 September 2018, Tribune Resources’ stock has tumbled 32.5% to $6.750. The stock was seen to outperform last week after recording a leap of 50% to trade at $10.50 on the announcement of special dividend.

On 20 September 2018, the company has announced the fully franked special dividend of $3.50 per share to investors who hold the securities on 26 September 2018 with the payment date of 10 October 2018. Since then traders have been competing to take advantage of special dividend which resultantly shot up the share price of TBR from $6.7 a week ago to close at $10.50 on last traded day of the past week.

In the special dividend announcement to market, energy company Tribune Resources told that the decision of $3.5 per share of special dividend has come after the six months of discussion which concluded that the company will share with its shareholders the massive vale of its gold bullion derived by East Kundana Joint Venture (EKJV). The company informed its investors that they have made arrangements to sell its gold bullion  stockpiled at The Perth Mint to fund a $175 million special dividend to its long-suffering shareholders.

Tribune Resources has made a declaration of $3.5-a-share special dividend after long annoying the minority shareholders by hoarding gold from its share of EKJV rather than selling it and distributing the proceeds as annual dividend.

The unexpected announcement of special dividend came just few days later to an adverse ruling by the Takeover Panel which stated that the existence of three largest shareholders which account for nearly 59% of gold miner has not been revealed to the market. The ruling was followed by an application made by R Hedley Pty Ltd, raising doubts in relation to the affairs of the company.   

The final orders by Takeover Panel remain awaited, wherein the panel has the right to enforce Tribute Resources to sell the shareholdings of any party which was not fairly disclosed information to the market.

Further, as per the company’s information, Tribune held gold inventories of approximately $132 million. However, in the last six months Tribune has recorded a significant rise in its gold production which has enabled the company to sell approximately $250 million of gold at prevailing market price, thereby realizing the gain and distributing the proceeds as special dividend.

The audited financial report for the fiscal year ended 30 June 2018 is expected to be released by 28 September 2018.

Currently, the share price of Tribune Resources Limited is at $6.750, down 32.5%, as on 25 September 2018 (4:40 PM AEST). The stock has seen a performance change of +49.53% over the past one year; whereas, it is trading at a PE of 13.410 x with the market capitalization of $500.03 million.

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