Brooge Holdings Ltd., the intended acquisition of Twelve Seas Investment Company (BROG), announced this morning that they intend to pay a $0.25 per share quarterly dividend to their public shareholders following the consummation of the business combination, with the first dividend to be paid in the first quarter of 2020.
Additionally, the shares owned by Brooge, as well as the Twelve Seas’ sponsors and Earlybird (which owns 375,000 shares of BROG) have agreed to waive their rights to the dividend for two years post-combination close.
Brooge Petroleum and Gas Investment Company (“BPGIC”), which was founded in 2013 to capitalize on an anticipated need for oil storage capacity at the Port of Fujairah, in the UAE, announced late last week their intention to explore a dividend to shareholders. The $0.25 dividend, which is $1.00 annualized, means investors post-closing can expect a dividend yield of approximately $9.7% based on the current trust value of $10.32 per share.
Twelve Seas is currently scheduled to hold their shareholder vote to complete their combination with Brooge on December 17, 2019, so it will be interesting to see if this dividend announcement moves the needle on investor interest. That’s a little less than a month away, but still plenty of time to market this change. Let’s see what happens.
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...