Cue Energy Resources Limited Notes to the financial statements 30 June 2024 47 Note 12. Equity - contributed equity Consolidated 30 June 2024 30 June 2023 30 June 2024 30 June 2023 Shares Shares $'000 $'000 Ordinary shares - fully paid 698,372,282 698,119,720 152,543 152,416 Ordinary shares entitle the holder to the right to receive dividends as declared and, in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid on the shares held. Ordinary shares entitle holders to one vote, either in person or by proxy at a meeting of the Company. The Company has an unlimited authorised capital and the shares have no par value. Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Capital management When managing capital, management's objective is to ensure the entity continues as a going concern as well as maintaining optimal return for shareholders and benefits for other stakeholders. Management will assess the capital structure of the entity to take advantage of favourable costs of capital or high returns on assets. Management may recommend declaring a dividend to be paid to shareholders, returning capital to shareholders or issuing new shares There has been no change during the year to the strategy adopted by management to control the capital of the entity. On 28 February 2024, the Company’s Board of Directors approved the declaration of an interim special dividend distribution of $0.02 (2 cents) per fully paid ordinary share, totalling $13.97 million. This interim special dividend distribution was declared as a Conduit Foreign Income (CFI), unfranked special dividend and was paid on 5 April 2024. On 23 August 2024, the Company’s Board of Directors approved the declaration of a final dividend distribution of $0.01 (1 cent) per fully paid ordinary share, totalling $7 million. This final dividend distribution was declared as a Conduit Foreign Income (CFI), unfranked final dividend and was paid on 26 September 2024. The gearing ratio is nil at 30 June 2024 and 6.15% at 30 June 2023. Accounting policy for contributed equity Ordinary share capital is recognised at the fair value of the consideration received by the Company. Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds received. Ordinary share capital bears no special terms or conditions affecting income or capital entitlements of the shareholders. 61 Cue Energy Resources Limited Annual Report 2024
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