China Digital TV Announces Special Cash Dividend of $2.30/Share
China Digital TV (NYSE: STV) today declared a special cash dividend of US$2.30 per share on the Company's ordinary shares, par value US$0.0005 per share. Each of the Company's American depositary shares represents one ordinary share.
Shareholders of record as of the close of business on November 26, 2012, U.S. Eastern Standard Time, will be eligible to receive the dividend. This cash dividend is currently expected to be paid in two installments of US$1.00 and US$1.30 on or around December 3, 2012 and February 4, 2013, respectively.
Mr. Jianhua Zhu, China Digital TV's Chairman and Chief Executive Officer commented, "Our Board of Directors believes that a special cash dividend is an efficient use of cash to maximize shareholder value. Our balance sheet and cash flow will continue to allow us to invest in the development of industry-leading technologies."
In light of the foregoing dividend declaration, the Company has accrued a deferred tax liability related to the undistributed retained earnings of its subsidiaries located in the PRC that will impact the net