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

Rhea-AI Summary

Flex LNG has announced its cash distribution details for the fourth quarter 2024, with a payment of $0.75 per share. The distribution will be made from the Company's Contributed Surplus Account. Due to the NYSE transitioning to T+1 settlement from May 28, 2024, while OSE maintains T+2, there are different key dates for shareholders on each exchange.

For NYSE shareholders, the ex-date and record date are February 20, 2025, with payment scheduled for March 5, 2025. For OSE shareholders, the ex-date is February 19, 2025, record date February 20, 2025, with payment in NOK scheduled for March 10, 2025. The distribution was approved on February 3, 2025.

Positive

• Consistent quarterly dividend payment of $0.75 per share maintained
• Company has sufficient surplus to support dividend distribution

Negative

• None.

Insights

Financial Analyst

Flex LNG's Q4 2024 dividend announcement of $0.75 per share translates to a substantial annualized dividend yield of approximately 11.7% at current market prices, positioning it among the higher-yielding shipping companies. The distribution from the Contributed Surplus Account suggests robust cash flow generation from their modern LNG carrier fleet.

The transition to T+1 settlement on NYSE while OSE maintains T+2 creates a temporary technical consideration for cross-exchange traders. This settlement cycle disparity between February 19-20 could temporarily impact liquidity and arbitrage opportunities between the two exchanges, though the effect should be minimal for long-term investors.

The consistent dividend policy, maintained at $0.75 quarterly, reflects the company's strong market position in the LNG shipping sector, supported by long-term contracts and stable cash flows. The company's ability to sustain this distribution level indicates healthy operational performance and solid contract coverage, particularly noteworthy given the seasonal nature of LNG shipping rates.

While the dividend appears well-covered by operating cash flows, investors should monitor global LNG trade flows and charter rates as key indicators for future distribution sustainability. The company's modern fleet and strategic positioning in key LNG trade routes provide a solid foundation for maintaining this shareholder return policy.

HAMILTON, Bermuda, Feb. 4, 2025 /PRNewswire/ -- Key information relating to the cash distribution to be paid by Flex LNG Ltd. ("Company") for the fourth 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: February 19, 2025
Ex-date: February 20, 2025
Record date: February 20, 2025
Payment date: March 5, 2025
Date of approval: February 3, 2025

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: February 18, 2025
Ex-date: February 19, 2025
Record date: February 20, 2025
Payment date: March 10, 2025
Date of approval: February 3, 2025

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

https://news.cision.com/flex-lng/r/flex-lng---key-information-relating-to-the-cash-distribution-for-the-fourth-quarter-2024,c4099954

 

View original content:https://www.prnewswire.com/news-releases/flex-lng--key-information-relating-to-the-cash-distribution-for-the-fourth-quarter-2024-302367110.html

SOURCE Flex LNG

FAQ

What is the Q4 2024 dividend amount for Flex LNG (FLNG) shareholders?

Flex LNG has declared a cash distribution of $0.75 per share for the fourth quarter of 2024.

When is the dividend payment date for FLNG NYSE shareholders?

NYSE shareholders will receive their dividend payment on March 5, 2025.

When is the dividend payment date for FLNG OSE shareholders?

OSE shareholders will receive their dividend payment in NOK on March 10, 2025.

What is the record date for Flex LNG's Q4 2024 dividend?

The record date for both NYSE and OSE shareholders is February 20, 2025.

How will the NYSE T+1 settlement change affect FLNG dividend distributions?

Due to NYSE's transition to T+1 settlement from May 28, 2024, while OSE maintains T+2, there are different ex-dates between the exchanges, and investors may face restrictions in moving shares between NYSE and OSE during interim days.