China Digital TV Holding Co. declared today a special dividend of $2 USD an ordinary share and per American depositary share, the latest in a long series of companies returning cash to shareholders this year.
The special dividend is expected to cost the company about $117.4 million, or nearly half the cash and short-term investments it had as of Sept. 30. One ADS represents one common share.
Shareholders of record as of the close of business on December 23, 2010, U.S. Eastern Standard Time, will be eligible to receive the dividend. The first installment of the dividend is expected to be paid on or around January 13, 2011, and the second installment is expected to be paid in due course after the completion of the ongoing dividend repatriation process by the Company's PRC subsidiaries.
The provider of access systems to China's digital-television market last week reported third-quarter earnings more than doubled, exceeding estimates, as revenue soared 75%. China Digital also projected fourth-quarter revenue above Wall Street views.
China Digital's ADS closed Friday at $7.26 each and were inactive premarket.
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