Brooge Holdings (Twelve Seas) Announces $0.25 Quarterly Dividend


Brooge Holdings (Twelve Seas) Announces $0.25 Quarterly Dividend

Nov 20, 2019 INTEL by Kristi Marvin

Brooge Holdings Ltd., the intended acquisition of Twelve Seas Investment Company (BROG), announced this morning that they intend to pay a $0.25 per share quarterly dividend to their public shareholders following the consummation of the business combination, with the first dividend to be paid in the first quarter of 2020.

Additionally, the shares owned by Brooge, as well as the Twelve Seas’ sponsors and Earlybird (which owns 375,000 shares of BROG) have agreed to waive their rights to the dividend for two years post-combination close.

Brooge Petroleum and Gas Investment Company (“BPGIC”), which was founded in 2013 to capitalize on an anticipated need for oil storage capacity at the Port of Fujairah, in the UAE, announced late last week their intention to explore a dividend to shareholders.  The $0.25 dividend, which is $1.00 annualized, means investors post-closing can expect a dividend yield of approximately $9.7% based on the current trust value of $10.32 per share.

Twelve Seas is currently scheduled to hold their shareholder vote to complete their combination with Brooge on December 17, 2019, so it will be interesting to see if this dividend announcement moves the needle on investor interest.  That’s a little less than a month away, but still plenty of time to market this change.  Let’s see what happens.