BEIJING, April 21, 2017 /PRNewswire/ -- China Digital TV
Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the
"Company"), a leading provider of cable TV technology which enables
China's cable TV and IPTV markets
to offer diversified TV content services, today announced that its
Board of Directors declared a special cash dividend of US$1.50 per ordinary share. Each of the Company's
American depositary shares represents one ordinary share.
Shareholders of record as of the close of business on
May 31, 2017, U.S. Eastern Daylight
Time, will be eligible to receive the dividend. As the fund for the
dividend will come from the sale proceeds of its interests in
Beijing Super TV Co., Ltd, therefore, the dividend can only be paid
after the completion of all necessary administrative procedures for
foreign currency exchange from Renminbi to US dollars. The Company
will announce the payment date as soon as the completion of
currency conversion.
As of December 31, 2016, China
Digital TV had cash and cash equivalents and restricted cash
totaling US$122.0 million, and the
shareholder's equity was $123.1
million. The aggregate amount of cash dividends to be paid
is approximately US$90.4 million
based on the number of outstanding shares as of December 31, 2016. The payment of the special
cash dividend is expected to reduce both the Company's market
capitalization and shareholder's equity. These will significantly
increase the risk of rendering it ineligible for being listing on
the New York Stock Exchange.
About China Digital TV
Founded in 2004, China Digital TV is a leading provider of cloud
platforms, with gaming and other applications embedded, to PRC
digital television and telecommunication network operators,
enabling them to bring these applications to household television
sets and other mobile devices.
For more information please visit the Investor Relations section
of China Digital TV's website at http://ir.chinadtv.cn.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended. Such forward-looking
statements are made under the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "may," "should" and
similar expressions. Such forward-looking statements include,
without limitation, statements regarding the outlook and comments
by management in this announcement about trends in the cloud
computing, cable television and related industries in the PRC and
China Digital TV's strategic and operational plans and future
market positions. China Digital TV may also make forward-looking
statements in its periodic reports filed with the Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about China
Digital TV's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from projections contained or implied in any
forward-looking statement, including but not limited to the
following: competition in the cloud computing, cable television and
related industries in the PRC and the impact of such competition on
prices, our ability to implement our business strategies, changes
in technology, the progress of the television digitalization in the
PRC, the structure of the cable television industry or television
viewer preferences, changes in PRC laws, regulations or policies
with respect to the cloud computing, cable television and related
industries, including the extent of non-PRC companies'
participation in such industries, and changes in political,
economic, legal and social conditions in the PRC, including the
government's policies with respect to economic growth, foreign
exchange and foreign investment.
Further information regarding these and other risks and
uncertainties is included in our annual report on Form 20-F and
other documents filed with the Securities and Exchange Commission.
China Digital TV does not assume any obligation to update any
forward-looking statements, which apply only as of the date of this
press release.
For investor and media inquiries, please contact:
China Digital TV Holding Co., Ltd.
Investor Relations
Tel: +86-10-6297-1199 x 9780
Email: ir@chinadtv.cn
ICR, Inc.
Xueli Song
Tel: +1 (646) 328-1950
Email: stv@icrinc.com
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SOURCE China Digital TV Holding Co., Ltd.