East West Petroleum (TSE:EW) has released an update.
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East West Petroleum Corp. is set to reward its shareholders through a planned return of capital, proposing a reduction in stated capital by up to $3 million, which would result in a distribution of $0.03 per common share. The decision, aimed at distributing a portion of the company’s cash reserves, is contingent on the approval of both shareholders and regulatory bodies, with a special meeting scheduled for August 2024 to seek these approvals. Detailed information regarding the proposed capital reduction will be disseminated to shareholders in July 2024.
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