Flex LNG - Key information relating to the cash distribution for the second quarter 2024

Rhea-AI Summary

Flex LNG (FLNG) has announced key information regarding its cash distribution for the second quarter of 2024. The company will distribute $0.75 per share from its Contributed Surplus Account. Due to the settlement cycle change on the New York Stock Exchange (NYSE) from T+2 to T+1, there will be different dates for NYSE and Oslo Stock Exchange (OSE) shareholders:

NYSE shareholders: Last day including right is August 28, 2024; ex-date and record date are August 29, 2024; payment date is around September 12, 2024.

OSE shareholders: Last day including right is August 27, 2024; ex-date is August 28, 2024; record date is August 29, 2024; payment date is around September 17, 2024.

The distribution was approved on August 13, 2024. Shareholders may face restrictions in moving shares between NYSE and OSE during the interim days.

Positive

• Flex LNG is distributing $0.75 per share for Q2 2024
• The company maintains its dividend payout, indicating financial stability

Negative

• None.

Insights

Financial Analyst

Flex LNG's announcement of a $0.75 cash distribution for Q2 2024 signals continued financial stability. This consistent dividend payout, drawn from the Contributed Surplus Account, underscores the company's commitment to shareholder returns. However, investors should note the differing settlement cycles between NYSE (T+1) and OSE (T+2) starting May 28, 2024. This discrepancy may temporarily restrict share movement between exchanges, potentially affecting liquidity and arbitrage opportunities. The maintained dividend level suggests steady cash flow, but prudent investors should monitor Flex LNG's financial health and market conditions in the volatile LNG shipping sector.

Market Research Analyst

The consistent $0.75 quarterly distribution reflects Flex LNG's stable position in the LNG shipping market. However, the upcoming change in settlement cycles presents a unique market dynamic. The T+1 shift for NYSE aligns with global efforts to reduce settlement risk and improve market efficiency. This misalignment with OSE's T+2 cycle may create short-term arbitrage opportunities for savvy traders, but also poses operational challenges for cross-listed securities. Investors should anticipate potential increased volatility around ex-dividend dates and be prepared for temporary limitations in share transfers between exchanges.

HAMILTON, Bermuda, Aug. 14, 2024 /PRNewswire/ -- Key information relating to the cash distribution to be paid by Flex LNG Ltd. ("Company") for the second quarter 2024. The distribution will be made from the Company's Contributed Surplus Account.

Please note that from May 28, 2024, the standard settlement cycle for transactions executed in securities traded on the New York Stock Exchange ("NYSE") will be shortened from T+2 to T+1 (of which T equals trading date), while the Oslo Stock Exchange ("OSE") will continue to settle its trades on a T+2 basis.

As a result, there will be different dates between the two stock exchanges, as set out below. During these interim days, investors may be restricted to move shares between NYSE and OSE.

NYSE shareholders:
Distribution amount: 0.75
Declared currency: USD
Last day including right: August 28, 2024
Ex-date: August 29, 2024
Record date: August 29, 2024
Payment date: On or about September 12, 2024
Date of approval: August 13, 2024

OSE shareholders with shares registered in Euronext Securities Oslo: 
Distribution amount: $0.75
Declared currency: USD to be distributed in NOK
Last day including right: August 27, 2024
Ex-date: August 28, 2024
Record date: August 29, 2024
Payment date: On or about September 17, 2024
Date of approval: August 13, 2024

For further questions regarding the timing of payments, please contact your bank, broker, nominee, or other financial intermediary.

For more info please contact:
Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: IR@flexlng.com 

About Flex LNG

Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all of our vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. Flex LNG is listed on the New York Stock Exchange as well as Oslo Stock Exchange under the ticker FLNG.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This information was brought to you by Cision http://news.cision.com

Flex LNG – Key information relating to the cash distribution for the second quarter 2024 August 14, 2024 Hamilton, Bermuda   Key information relating to the cash distribution to News Powered by Cision

 

 

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SOURCE Flex LNG

FAQ

What is the dividend amount for Flex LNG (FLNG) for Q2 2024?

Flex LNG (FLNG) has declared a cash distribution of $0.75 per share for the second quarter of 2024.

When is the ex-dividend date for Flex LNG (FLNG) on NYSE for Q2 2024?

The ex-dividend date for Flex LNG (FLNG) on the New York Stock Exchange (NYSE) is August 29, 2024.

What is the payment date for Flex LNG's (FLNG) Q2 2024 dividend for OSE shareholders?

The payment date for Flex LNG's (FLNG) Q2 2024 dividend for Oslo Stock Exchange (OSE) shareholders is on or about September 17, 2024.

How does the settlement cycle change affect Flex LNG's (FLNG) dividend distribution?

The settlement cycle change on NYSE from T+2 to T+1 results in different distribution dates for NYSE and OSE shareholders, potentially restricting share movement between exchanges during interim days.