Massive crude oil demand destruction from the COVID-19 pandemic, together with increased oil production from OPEC and Russia, contributed to a dramatic decrease in the price of oil in 1H/20. Consequently, Surge’s management and Board acted decisively to protect the Company’s balance sheet by suspending the Company’s dividend in its entirety until market conditions improve.
The ex-dividend date is one trading day prior to the record date for the dividend. For example, if the record date for a dividend is Friday, the shares will commence trading on an ex-dividend basis at the opening of trading on the preceding Thursday (in the absence of statutory holidays). If the record date is Monday, the shares will commence trading on an ex-dividend basis at the opening of trading on Friday of the previous week (in the absence of statutory holidays). Whereas, if the record date is a Saturday or Sunday, the ex-dividend date would be the immediately preceding Thursday before. Shareholders who have purchased their shares before the ex-dividend date will receive the dividend paid in the following month.
Dividend Record Date
Shareholders on record by this date will qualify for the next cash dividend. To be on record by this date, investors must have purchased their shares by the ex-dividend date so enrolment information has time to reach the transfer agency that handles the dividends. For Surge, the record date will be the last day of the month.
The date that a company sends the cash dividend to shareholders (or the brokerage on their behalf). This will occur on the 15th of each month, however, if that falls on a weekend or holiday, the payment date will be the first business day following the 15th.
Surge Energy Inc hereby advises all shareholders that, effective from August 15, 2013, all dividends paid on its common shares will be designated as “eligible dividends” for Canadian income tax purposes. This designation will apply until a notification of a change is posted on this website. If you have any questions regarding the taxation of eligible dividends, please contact your Canadian tax advisor or your local office of the Canada Revenue Agency.