TVB’s response to proposal for a special dividend
(26 January 2018) In response to press enquiries regarding Silchester’s proposal for a special dividend, a spokesman for Television Broadcasts Limited (TVB) said TVB has maintained over the years a steady record of distributing returns to shareholders in the form of dividends.
“The Board has taken note of Silchester’s proposal for a special dividend of HK$9.60 per share but would like to draw shareholders’ attention to Article 157 of the Company’s Articles of Association which states that “The Company in general meeting may declare dividends in any currency but no dividends shall exceed the amount recommended by the Board,” the spokesman said.
“When recommending the level of dividend, the Board will take into account a number of factors, including but not limited to, the net profit for the year and the number of shares in issue; the development plans and the future prospects of the Company; the cash requirements for operating and capital expenditure and for meeting liability obligations, before arriving at any recommendation of dividend. This procedure will be conducted at the Board meeting to be convened for the purpose of considering and approving the final results for the year ended 31 December 2017.”