SeaBird Exploration Plc Announces Extraordinary General Meeting to Approve Cash Distribution

SeaBird Exploration Plc is holding an extraordinary general meeting on December 19, 2024, to seek shareholder approval for a reduction of the share premium account. The move aims to facilitate a proposed cash distribution of NOK 0.40 per share to shareholders. Shareholders are encouraged to participate by casting their vote via a signed proxy, with the deadline for proxy submission being December 18, 2024.

SeaBird Exploration Plc (SBX), a leading provider of marine seismic services, announced its second-quarter results for 2024, showcasing a robust financial performance [1]. The company reported revenues of USD 4.6 million, EBITDA of USD 1.5 million, and net interest-bearing debt of USD 12.9 million [1].

Driven by this strong performance and a continued positive market outlook, the Board of Directors (BoD) has proposed a second cash distribution of NOK 0.25 per share to shareholders [1]. This proposal is subject to shareholder approval, which will be sought at an Extraordinary General Meeting (EGM) to be held on December 19, 2024 [1].

Shareholders are encouraged to participate in the EGM by casting their votes via a signed proxy [2]. The deadline for proxy submission is December 18, 2024 [2]. Details regarding the EGM, including the notice and proxy vote instruction, can be found on the company's investor relations website [2].

This cash distribution follows the first one proposed by the BoD in August 2024, which was valued at NOK 0.25 per share and paid in Q4 2024 [1]. The proposed cash distributions aim to return value to shareholders and reflect the company's confidence in its financial performance and future prospects.

SeaBird Exploration has a proven track record of delivering value to its shareholders. In May 2024, the company released its annual report for 2023, highlighting its strong financial position and growth prospects [3]. The company's annual general meeting in May 2024 also approved several important matters, including the conversion of shares and the recommendation by the nomination committee [3].

In conclusion, SeaBird Exploration Plc's proposed second cash distribution of NOK 0.25 per share, subject to shareholder approval, reflects the company's confidence in its financial performance and its commitment to returning value to its shareholders. Shareholders are encouraged to participate in the EGM and exercise their voting rights.

References:
[1] SeaBird Exploration Plc. (2024, August 15). Second-quarter results 2024 published. Retrieved from https://www.sbexp.com/press-release/regulatory-release/seabird-exploration-plc-second-quarter-results-2024/
[2] SeaBird Exploration Plc. (n.d.). Proxy Vote Instruction. Retrieved from https://www.sbexp.com/investor-relations/reports-and-presentations/
[3] SeaBird Exploration Plc. (2024, May 16). Annual Report 2023. Retrieved from https://www.sbexp.com/press-release/annual-report/seabird-exploration-plc-annual-report-2023/