China Digital TV Holding (STV) Halts Dividend Payment, Waits for Approval by China's Foreign Exchange Authority
China Digital TV Holding Co., Ltd. (NYSE: STV) today announced that the payment of a special cash dividend to its shareholders, initially scheduled to be made on or around December 30, 2011, will be postponed as regulatory approval by the foreign exchange authority in China for the repatriation of U.S. dollars relating to the Dividend is still pending.
On May 20, 2011, the Company announced a special cash dividend of US$0.56 per share on the Company's ordinary shares, par value US$0.0005 per share. Shareholders of record, including holders of the Company's American Depository Shares ("ADSs"), as of the close of business on June 20, 2011, U.S. Eastern Daylight Time, are eligible to receive the Dividend. The record date for the Dividend is not affected by the postponement. The total amount of the Dividend is US$33.421 million. As of September 30, 2011, China Digital TV had cash and cash equivalents, restricted cash and bank deposits maturing over three months totaling US$231.0 million.
"This is a routine approval process, which, however, has been slower than we had anticipated," said Mr. Zhenwen Liang, China Digital TV's Chief Financial Officer. "We apologize for the inconvenience to our shareholders and will announce a new payment date as soon as practicable."
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On May 20, 2011, the Company announced a special cash dividend of US$0.56 per share on the Company's ordinary shares, par value US$0.0005 per share. Shareholders of record, including holders of the Company's American Depository Shares ("ADSs"), as of the close of business on June 20, 2011, U.S. Eastern Daylight Time, are eligible to receive the Dividend. The record date for the Dividend is not affected by the postponement. The total amount of the Dividend is US$33.421 million. As of September 30, 2011, China Digital TV had cash and cash equivalents, restricted cash and bank deposits maturing over three months totaling US$231.0 million.
"This is a routine approval process, which, however, has been slower than we had anticipated," said Mr. Zhenwen Liang, China Digital TV's Chief Financial Officer. "We apologize for the inconvenience to our shareholders and will announce a new payment date as soon as practicable."
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DividendComments
I agree
this is why you should invest in US companies. At least when they post a dividend, you get the dividend on the payment date
STV Bull
sounds like a bunch of Bull, Ive been waiting a long time for this dividend. these people are sneaky when it comes to money
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Sounds like an excuse
Lyn Antonio on Dec 30, 2011 06:59 PMMark as Spam
postpone a dividend at the last minute. Blame the gov for red tape?
smells like corruption