Imdex declares special dividend

MINING technology company Imdex has announced a special fully franked dividend of A2c per share following the sale of its interest in Vaughn Energy Services (VES).
Imdex declares special dividend Imdex declares special dividend Imdex declares special dividend Imdex declares special dividend Imdex declares special dividend

Imdex will focus on its core minerals business after the sale of oil and gas interests

Staff reporter

In 2016, the company divested or wrote-off all oil and gas assets to focus on the growth of its core minerals business.

Late last month, it sold its 30% share in VES for net proceeds of US$4.3 million.

"We are pleased to finalise the sale of our last remaining oil and gas asset and provide a return to our valued shareholders," Imdex managing director Bernie Ridgeway said.

"Imdex has a strong balance sheet with a healthy net cash position. This enables us to continue to invest in our leading technologies and drive future growth."

All the VES sale proceeds, together with an additional A$1.4 million funded from existing cashflow, will be paid to Imdex's shareholders as a special fully franked dividend of 2c per share on November 1.

In late August, the company declared a final dividend of 1.4c after posting a full-year profit of $27.6 million.

Imdex shares rose 7.2% this morning to $1.485, just shy of the 52-week high of $1.495 reached last month.

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