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Parent of Retail Supplier To Resume Paying Quarterly Dividend
The Board of Directors of Genie Energy Ltd., the parent of IDT Energy and other retail energy companies, has resumed a quarterly dividend on its common stock and declared a payment of $0.06 per share for the fourth quarter of 2015.
Genie Energy's Chairman and CEO, Howard Jonas said, "Genie Retail continues to grow and generate cash, while outlays for the exploration program at Afek will crest this quarter. As a result, we are again in a position to be able to return cash directly to our common stock holders. We will re-evaluate the dividend level each quarter in light of the company's results of operations, available resources, and anticipated cash requirements."
Genie Energy had previously suspended the dividend on Genie Energy common stock in August 2015 to preserve cash resources for growth opportunities.
The dividend will be paid on or about February 12, 2016 to common stockholders of record as of the close of business on February 5, 2016. The ex-dividend date will be February 3, 2016.
The distribution will be treated as a return of capital for income tax purposes.
Genie Energy also pays a quarterly dividend of $0.1594 per share of its Series 2012-A Preferred Stock
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January 25, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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