our Board of Directors declared a special stock distribution of 0.004 shares per share, which was paid on March 11, 2020, to the shareholders of record at the close of business on February 25, 2020. After that, on April 20, 2020, we declared the temporary suspension of quarterly cash dividends and share buybacks as part of our revised work program for 2020 to help address the decline in oil prices.
On November 4, 2020, we declared an extraordinary cash dividend and a quarterly cash dividend of $0.0206 per share each one, paid on December 9, 2020, to our shareholders of record at the close of business on November 20, 2020.
On March 10, 2021, and May 5, 2021, our Board of Directors declared quarterly cash dividend of US$0.0205 per share payable on April 13, 2021, and May 28, 2021, to our shareholders of record at the close of business on March 31, 2021, and May 17, 2021, respectively.
On August 4, 2021, and November 10, 2021, our Board of Directors declared quarterly cash dividend of US$0.041 per share payable on August 31, 2021, and December 7, 2021, to our shareholders of record at the close of business on August 17, 2021, and November 23, 2021, respectively. Because we are a holding company with no direct operations, we will only be able to pay dividends from our available cash on hand and any funds we receive from our subsidiaries. The terms of our indebtedness may restrict us from paying dividends. We have recorded accumulated losses amounting to US$314.8 million as of December 31, 2021, which further limits our ability to pay dividends in the foreseeable future.
Under the Companies Act 1981, as amended of Bermuda (the “Bermuda Companies Act”), we may not declare or pay a dividend if there are reasonable grounds for believing that we are, or would after the payment be, unable to pay our liabilities as they become due or that the realizable value of our assets would thereafter be less than our liabilities. Under our bye-laws, each common share is entitled to dividends if, as and when dividends are declared by our board of directors, subject to any preferred dividend right of the holders of any preference shares, if any.
Additionally, any decision to pay dividends in the future, and the amount of any distributions, is at the discretion of our board of directors and our shareholders, and will depend on many factors, such as our results of operations, financial condition, cash requirements, prospects and other factors. See “Item 3. Key Information—D. Risk factors—Risks related to our common shares—Any decision to pay dividends in the future, and the amount of any distributions, is at the discretion of our board of directors, and will depend on many factors, such as our results of operations, financial condition, cash requirements, prospects and other factors” and “—We are a holding company and our only material assets are our equity interests in our operating subsidiaries and our other investments; as a result, our principal source of revenue and cash flow is distributions from our subsidiaries; our subsidiaries may be limited by law and by contract in making distributions to us,” as well as “Item 10. Additional Information—B. Memorandum of association and bye-laws.”
B. Significant changes
A discussion of the significant changes in our business can be found under “Item 4. Information on the Company—B. Business Overview.”
ITEM 9. THE OFFER AND LISTING
A. Offering and listing details
Not applicable.
B. Plan of distribution
Not applicable.
C. Markets
Our common shares have been listed on the NYSE under the symbol “GPRK” since February 7, 2014.
