Stolt-Nielsen Limited Board Votes to Withdraw Recommendation of Final Dividend for 2019 in Response to Coronavirus Crisis
The Board of Directors of Stolt-Nielsen Limited (Oslo Børs: SNI), acting in response to uncertainties created by the ongoing coronavirus pandemic, today voted to withdraw its previously announced recommendation of a final dividend for 2019 of $0.25 per Common Share, which was to be voted on at the Company’s Annual General Meeting of Shareholders scheduled for April 16, 2020 in Bermuda.
Commenting on the decision, Niels G. Stolt-Nielsen, Chief Executive Officer, said, “Our earlier decision to recommend a final dividend for 2019, as announced on February 24, 2020, underscored the fundamentally solid position of the Company, which at the end of the first quarter of 2020 had over $500 million in available liquidity, and an increasingly promising market outlook for chemical tankers. However, while the coronavirus pandemic has had a modest impact on our markets to date, we believe this precautionary measure to cancel the final dividend for 2019 is a financially prudent decision, given current external circumstances.”
Source: Stolt-Nielsen Limited