Vizrt Ltd. announced today that its Board of Directors has decided on the distribution of an ordinary net dividend of NOK 0.66 (approx. USD 0.12) per outstanding share. Due to the strong cash generation of the Company, the Board has proposed paying an additional special dividend of NOK 1.68 (USD 0.29). This special dividend pay-out is subject to approval of capital reduction by the Israeli District Court.
Martin Burkhalter, CEO of Vizrt, stated, We believe the proposed special dividend, in addition to the ordinary dividend, is an appropriate use of funds in a time where we continue to have strong cash generation. In this way, shareholders will participate in the operational performance of the Company, which continues to benefit from our undisputed leadership in the market. Following the distribution, we retain a strong balance sheet and continue to have the financial resources for implementation of our growth strategy. We also retain ample funds to pursue opportunities in the market as they may arise."
Gross ordinary dividend will be NOK 0.79 (USD 0.14) per outstanding share, for a total of approximately NOK 53.1 million (USD 9.24 million). The Company shall withhold 16% tax at source, with the tax withholding level based on the sources of funds for distribution. The net dividend to be received per ordinary share of the Company shall be NOK 0.66 (USD 0.12). In 2012, Vizrt has paid a net dividend of NOK 0.69 (approx. USD 0.12 based on exchange rate as of March 15, 2012) per share, amounting to a total of NOK 57.0 million (USD 10.2 million).
The ordinary cash dividend will be payable on May 3, 2013 to shareholders of record as of the close of the Oslo B rs on April 25, 2013. The shares will trade ex-dividend from and including April 23, 2013.
This year's ordinary dividend equals two thirds of Vizrt's 2012 normalized profits, at the upper limit of the range provided for in the Company's dividend policy.
In addition, the Board of Directors has resolved, to file for a capital reduction approval from the Israeli District Court for the distribution of an additional special dividend, in a gross amount of approximately NOK 143.6 million (USD 25.0 million). After corporate tax, approximately NOK 133.0 million (USD 23.2 million) shall remain for distribution to the shareholders, representing a special dividend of NOK 1.99 (USD 0.35) per share. As for the ordinary dividend, the tax withholding of 16% is based on the sources of funds for distribution, resulting in a net dividend to be received of NOK 1.68 (USD 0.29) per common share. The amount in NOK is based on the exchange rate as of April 17, 2013.
The proposed special dividend distribution does not meet the Profits Test, as defined under the Israeli Companies Law, and accordingly is subject to the approval of the Israeli District Court. Upon the approval of the application by the Israeli District Court, the Company shall provide all relevant information, including the applicable record date and distribution date of the additional dividend.
About Vizrt Vizrt Vizrt provides real-time 3D graphics and asset management tools for the broadcast industry - from award-winning animations & maps to online publishing tools. Vizrts products are used by the worlds leading broadcasters and publishing houses, including: CNN, CBS, Fox, the BBC, BSkyB, ITN, ZDF, Star TV, Network 18, TV Today, CCTV, NHK, The Globe and Mail, Times Online, The Telegraph, and Welt Online. Furthermore, many world-class production houses and corporate institutions such as the Stock Exchanges in New York and London use Vizrt systems. Vizrt is a public company traded on the Oslo Main List: VIZ, ISIN: IL0010838154.
Press Contacts
Mr. Martin Burkhalter President & CEO +41 22 365 75 01 mbu@vizrt.com
Mr. Tomer Wald CFO +47 5351 8040 twald@vizrt.com
Frank Schwarz SCHWARZ Financial Communication +49 611 1745 398 11 schwarz@schwarzfinancial.com
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Vizrt Ltd. announced today that its Board of Directors has decided on the distribution of an ordinary net dividend of NOK 0.66 (approx. USD 0.12) per outstanding share. Due to the strong cash generation of the Company, the Board has proposed paying an additional special dividend of NOK 1.68 (USD 0.29). This special dividend pay-out is subject to approval of capital reduction by the Israeli District Court.
