The 6/6 letter to shareholders:
It is clear that many shareholders place great importance on the payment of dividends and capital returns.
The Board is fully supportive of this and it has always been our intention to commence a suitable form of capital returns when we had a stable production base. We are well advanced in developing a robust,
sustainable shareholder returns framework.
I would like to reiterate that we intend to announce our framework for shareholder returns in July 2024, when we release our 2024 Second Quarter Report, currently scheduled for 25 July 2024. This framework will include what measures we intend to use going forward in determining capital returns and the options available, including dividends and any other initiatives that are appropriate. We intend to apply this shareholder returns framework from the 2024 half year results onwards, to be announced on 28 August 2024.
Fully agree with what you say re: utterly pointless unfranked divs so as you suggest, max div would be 4c, if any. I’m open minded on buybacks if they are swimming in cash, but paying down debt needs to be prioritised IMO before divs or buybacks make much sense.
Karoon Coming Milestones, page-43
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