Otto Energy (ASX:OEL) updated its timetable for the shareholders-approved return of capital of up to AU$40 million, pending a tax ruling, according to a Monday filing with the Australian bourse.

The company expects the capital return to take effect on May 13. Payment is set for May 30, with a record date of May 16, the filing said.

Otto Energy is still awaiting the Australian Tax Office class ruling, deeming the distribution a tax-free return of capital, per the filing.

Shareholders approved the capital return in November 2023.