East West Petroleum Corp Approves Return of Capital to Shareholders
Introduction
Vancouver, British Columbia–(Newsfile Corp. – August 16, 2024) – East West Petroleum Corp. (TSXV: EW) (“East West” or the “Company”) has announced that its shareholders have approved its return of capital plan. This plan involves a reduction in stated capital of the Company, which will result in the distribution of a portion of the Company’s cash to holders of common shares.
Details of the Plan
According to the special resolution passed by the shareholders, the board of directors has determined that the stated capital of the Company, currently standing at $39,868,761, will be reduced by up to $3 million. This reduction will be carried out in accordance with the Business Corporations Act (British Columbia) and will result in a distribution of $0.03 per common share to the shareholders.
Impact on Shareholders
This return of capital will provide shareholders with a cash distribution, allowing them to benefit directly from the Company’s financial success. Shareholders will receive $0.03 per common share they hold, providing them with additional income and potentially increasing the overall value of their investment in East West Petroleum Corp.
Effect on Individuals
This return of capital will have a direct impact on individuals who are shareholders of East West Petroleum Corp. If you currently hold common shares in the Company, you will receive a cash distribution of $0.03 per share as part of the reduction in stated capital.
Global Impact
On a global scale, this return of capital reflects East West Petroleum Corp’s commitment to creating value for its shareholders. By distributing a portion of its cash to shareholders, the Company is demonstrating its financial strength and stability, which can have a positive impact on the overall perception of the Company in the investment community.
Conclusion
In conclusion, East West Petroleum Corp’s approval of the return of capital plan is a positive development for the Company and its shareholders. This distribution of cash will provide shareholders with a direct financial benefit and demonstrate the Company’s commitment to creating value for its investors.
