Avance Gas shares fell out of the gate in Oslo this morning after a shock decision to cut back on its dividend.
Oslo-listed Avance saw more than one tenth sliced from its market value after its previous 100% dividend policy was redrawn.
The VLGC spot specialist is paying $0.65 per share for the quarter, equal to 50% of net earnings.
Analysts expressed surprise at the timing of the move, which Avance said would strengthen its balance sheet and to provide additional financial flexibility.
Christian
