ChipMOS TECHNOLOGIES Initiates Dividend Policy; Permits Company to Distribute Dividend of 0.8-1.2% of Retained Earnings
ChipMOS TECHNOLOGIES (NASDAQ: IMOS) today announced its Board of Directors has adopted a dividend policy. The dividend policy is the first in the Company's history. Certain actions required to declare dividends under the policy will be submitted for approval by our shareholders at the Company's Annual General Meeting in August 2012.
The dividend policy would permit the Company to distribute an annual dividend to shareholders from retained earnings equal to 0.8% to 1.2% of the Company's book value (approximately US$0.10 to US$0.15 per share at April 30, 2012). Declaring dividends under the policy is subject to the Company's assessment of its operating plans and market conditions at that time, and its ability to maintain compliance with all applicable regulatory and financial criteria, including passing a solvency and asset test, as required by the Companies Act 1981 of Bermuda (as amended).
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