Otto Energy Updates on A$40 Million Capital Return

Otto Energy Limited ( (AU:OEL) ) has shared an update.

Otto Energy Limited has announced an update regarding its proposed return of capital of up to A$40 million, which was approved by shareholders at the 2023 Annual General Meeting. The Australian Taxation Office (ATO) has issued a draft Class Ruling, indicating that part of the return will be considered a dividend and the rest as a return of capital. This ruling is not yet final, and shareholders are advised to seek professional advice on the tax implications. The company acknowledges the delay in finalizing the distribution and appreciates shareholders’ patience.

More about Otto Energy Limited

Otto Energy Limited is a company operating in the energy sector, focusing on oil and gas exploration and production. The company is listed on the Australian Securities Exchange under the ticker OEL and has offices in both Australia and Houston, Texas.

YTD Price Performance: 9.09%

Average Trading Volume: 1,344,281

Technical Sentiment Signal: Sell

Current Market Cap: A$57.54M

For detailed information about OEL stock, go to TipRanks’ Stock Analysis page.