Gilat Satellite Networks (GILT) Declares $0.63 Special Dividend; Names Bosmat Halpern CFO

Gilat Satellite Networks (NASDAQ: GILT) declared a special dividend of $0.63 per share. The dividend will be payable on January 20, 2021, to stockholders of record on January 11, 2021, with an ex-dividend date of January 8, 2021. The annual yield on the dividend is 9.9 percent.

Together with the $20M dividend distributed at the beginning of this month, the aggregate amount of dividends payable to shareholders adds up to approximately $55 million, or $0.99 per share. Further, Gilat's interim CFO, Bosmat Halpern, has been named Gilat's CFO.

"I am pleased to have obtained the Court approval for the distribution of this meaningful dividend to our shareholders," said Adi Sfadia, Gilat's CEO. “After this distribution the Company still has a very meaningful cash position, in addition to its real estate assets, that will allow it to execute on possible opportunities we are exploring,” added Mr. Sfadia.

"I want also to take this opportunity to congratulate Gilat's interim CFO, Bosmat Halpern, on her appointment as Gilat's CFO. I am confident in her ability to apply her wealth of experience to navigate Gilat wisely to a successful 2021," concluded Mr. Sfadia.

The Company will withhold tax in accordance with Israeli tax law. The Company has requested a ruling from the Israel Tax Authority in connection with the dividend and will announce the main terms of the ruling once it is obtained.

For a dividend history and other dividend-related data on Gilat Satellite Networks (GILT) click here.

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