Phoenix New Media (FENG) Declares $1.3712 Special Dividend; 45.1% Yield

November 14, 2019 6:07 AM EST

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Phoenix New Media (NYSE: FENG) declared a special dividend of $1.3712 per share.

The dividend will be payable on December 13, 2019, to stockholders of record on November 29, 2019, with an ex-dividend date of November 27, 2019.

The annual yield on the dividend is 45.1 percent.

Shareholder Meeting

The Company held its 2019 annual general meeting of shareholders (the "AGM") on November 14, 2019. All of the resolutions proposed at the AGM were duly passed by the shareholders. Among others, the shareholders have passed the resolution approving the election of Ms. Xiaoyan Chi as a director of the Company upon retirement of Ms. Betty Yip Ho as a director at the AGM. The board of directors of the Company would like to thank the shareholders for their ongoing support.

The Company also announced today that its Board of Directors declared a special cash dividend of US$0.1714 per ordinary share, equivalent to US$1.3712 per American depositary share ("ADS"), totaling approximately US$100 million, payable on December 13, 2019 to holders of record of the Company's ordinary shares at the close of business on November 29, 2019 (the "Record Date").

JPMorgan Chase Bank, N.A., as depositary of the ADSs (the "Depositary"), is expected to pay a cash distribution of US$1.3512 per ADS to the Company's ADS holders of record at the close of business on the Record Date after receipt of cash dividends on the Company's ordinary shares and deduction of its fees and expenses. The Depositary expects to pay the cash distribution to the Company's ADS holders on December 13, 2019.

In connection with the declaration of special cash dividend, the Board of Directors also approved a special cash compensation to the Company's option holders in the aggregate amount of approximately US$8.3 million.

For a dividend history and other dividend-related data on Phoenix New Media (FENG) click here.

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