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English court puts Dana Gas’ dividends on hold

English court puts Dana Gas’ dividends on hold
An English court ordered Dana to pay dividends into an English bank account
Dana Gas
DANA
0.93% 0.65 0.01

Abu Dhabi – Mubasher: Dana Gas announced that an English Court had refused the company’s application to dismiss the court’s order that restrains the UAE-based energy producer from distributing any dividends for 2017.

On 19 April, the company’s annual general meeting (AGM) declined the board’s recommendation for the deferring of the distribution of a 5% cash dividend.

The energy giant added in a bourse statement released on Sunday that it will give a full account of the matter and the necessary measures the company would take regarding the approved dividends after obtaining a legal advice.

“The company request its esteemed shareholders not to pay attention to the media reports, which may be affected by error or motive until the company issues the disclosures pursuant to the laws of the State,” the ADX-listed firm revealed.

Reuters reported on Friday that an English court has ordered Dana Gas to pay dividends into an English bank account where the funds must be held until the settlement of its $700 million-sukuk dispute.

Earlier in April, Dana received an interim injunction and interim anti-suit injunction from the English High Court of Justice regarding its ongoing Sukuk Case.