OR YEHUDA, Israel, June 29, 2016 /PRNewswire/ --
Formula Systems (1985) Ltd. (NASDAQ: FORTY), a leading software
consulting services, computer-based business solutions and
proprietary software products holding company, today announced that
its Board of Directors has declared a cash dividend in the amount
of US $0.34 per share and in the
aggregate amount of approximately US $5.0
million.
The dividend is payable on July 28,
2016 to all of the Company's shareholders of record at the
close of trading on the NASDAQ Global Select Market (or the
Tel-Aviv Stock Exchange, as appropriate) on July 13, 2016.
In accordance with Israeli tax law, the dividend is subject to
withholding at source at the rate of 30% (if the recipient of the
dividend is at the time of distribution or was at any time during
the preceding 12-month period the holder of 10% or more of the
Company's share capital) or 25% (for all other dividend recipients)
of the dividend amount payable to each shareholder of record,
subject to applicable exemptions.
The dividend will be paid in US dollars with respect to the
ordinary shares of Formula Systems traded on the Tel Aviv Stock
Exchange and the American Depositary Receipts of Formula Systems
traded on the NASDAQ Global Select Market.
About Formula
Formula Systems (1985) Ltd. is a global information technology
company principally engaged, through its public company
subsidiaries Matrix, Sapiens Corporation and Magic Software and its
privately held subsidiaries TSG IT Advanced Systems Ltd and InSync
Staffing Solutions, in providing software consulting services,
developing proprietary software products, and providing
computer-based business solutions.
For more information, visit http://www.formulasystems.com.
Except for any historical information contained herein, matters
discussed in this press release might include forward-looking
statements that involve a number of risks and uncertainties.
Regarding any financial statements, actual results might vary
significantly based upon a number of factors including, but not
limited to, risks in product and technology development, market
acceptance of new products and continuing product conditions, both
locally and abroad, release and sales of new products by strategic
resellers and customers, and other risk factors detailed in
Formula's most recent annual report and other filings with the
Securities and Exchange Commission. These forward-looking
statements are made only as of the date hereof, and the Company
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise.
Press Contact:
Formula Systems (1985) Ltd.
+972-3-5389487
ir@formula.co.il
SOURCE Formula Systems (1985) Ltd