The continued, sustained, strong operational and financial performance have allowed Tourmaline to increase the current base dividend by 12.5% to C$0.90 per year. The free cash flow generation outlook continues to improve for both 2022 and 2023 as strip prices continue to increase. Tourmaline remains committed to returning the majority of free cash flow to its shareholders. Total trailing twelve-month dividends have provided for a dividend yield of 5.5%([1]), prior to the most recently announced base increase as well as any further special dividends paid in the third and fourth quarters of 2022.
Tourmaline also announces that the nominees listed in its information circular dated April 14, 2022 were elected as directors of Tourmaline at its annual meeting of shareholders held on June 1, 2022 (the “Meeting“). All matters presented for approval at the Meeting, including the election of directors and appointment of auditors, were approved by Tourmaline’s shareholders. A report of voting results will be available on SEDAR at www.sedar.com.
On a vote by poll, each of the following ten nominees proposed by management was elected as a director of Tourmaline:
Nominee |
Votes For |
% For |
Votes Withheld |
% Withheld |
||||
Michael L. Rose |
228,403,386 |
96.60 |
8,038,872 |
3.40 |
||||
Brian G. Robinson |
214,824,368 |
90.86 |
21,617,890 |
9.14 |
||||
Jill T. Angevine |
230,353,682 |
97.42 |
6,088,576 |
2.58 |
||||
William D. Armstrong |
234,112,021 |
99.01 |
2,330,237 |
0.99 |
||||
Lee A. Baker |
231,225,511 |
97.79 |
5,216,747 |
2.21 |
||||
John W. Elick |
234,884,151 |
99.34 |
1,558,107 |
0.66 |
||||
Andrew B. MacDonald |
209,121,006 |
88.44 |
27,321,252 |
11.56 |
||||
Lucy M. Miller |
230,034,143 |
97.29 |
6,408,115 |
2.71 |
||||
Janet L. Weiss |
235,408,625 |
99.56 |
1,033,633 |
0.44 |
||||
Ronald C. Wigham |
232,566,083 |
98.36 |
3,876,175 |
1.64 |
______________________________________ |
(1) Calculated as total dividends paid in the last twelve months of $4.21 per common share divided by the closing share price of $76.24/share on May 25, 2022. |
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All amounts in this news release are stated in Canadian dollars unless otherwise specified.