Partner Communications Announces the District Court's Approval of the Dividend Distribution in the Amount of NIS 1.4 Billion
February 22 2010 - 9:33AM
Business Wire
Partner Communications Company Ltd. ("Partner" or "the
Company") (Nasdaq:PTNR)(TASE:PTNR), a leading Israeli
communications operator, announces that the District Court
approved today the application submitted by the Company to approve
a dividend distribution in the total amount of NIS 1.4 billion
(exceeding the surpluses for distribution) to the Company's
shareholders (hereinafter: the "Distribution
Application").
This announcement follows the Company's report dated December
28, 2009 with respect to the Board of Directors' resolution to
distribute a dividend of NIS 1.4 billion to the Company's
shareholders and the Company's reports with respect to the
Distribution Application it submitted to the District Court.
Following the District Court's approval, the dividend in the
total amount of NIS 1.4 billion (approximately $US 370 million)
which is approximately NIS 9 (approximately $US 2.4) per share is
expected to be paid on March 18, 2010 to shareholders and ADS
holders of record on March 7, 2010.
Forward-Looking
StatementsThis press release includes forward-looking
statements within the meaning of Section 27A of the US Securities
Act of 1933, as amended, Section 21E of the US Securities Exchange
Act of 1934, as amended, and the safe harbor provisions of the US
Private Securities Litigation Reform Act of 1995. Words such as
"believe", "anticipate", "expect", "intend", "seek", "will",
"plan", "could", "may", "project", "goal", "target" and similar
expressions often identify forward-looking statements but are not
the only way we identify these statements. All statements other
than statements of historical fact included in this press release
regarding our future performance, plans to increase revenues or
margins or preserve or expand market share in existing or new
markets, reduce expenses and any statements regarding other future
events or our future prospects, are forward-looking statements.
We have based these forward-looking statements on our current
knowledge and our present beliefs and expectations regarding
possible future events. These forward-looking statements are
subject to risks, uncertainties and assumptions about Partner,
consumer habits and preferences in cellular telephone usage, trends
in the Israeli telecommunications industry in general, the impact
of current global economic conditions and possible regulatory and
legal developments. For a description of some of the risks we face,
see "Item 3D. Key Information - Risk Factors", "Item 4. -
Information on the Company", "Item 5. - Operating and Financial
Review and Prospects", "Item 8A. - Consolidated Financial
Statements and Other Financial Information - Legal and
Administrative Proceedings" and "Item 11. Quantitative and
Qualitative Disclosures about Market Risk" in the form 20-F filed
with the SEC on April 27, 2009. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this press release might not occur, and actual results may
differ materially from the results anticipated. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Partner
CommunicationsPartner Communications Company Ltd.
("Partner") is a leading Israeli provider of telecommunications
services (cellular, fixed-line telephony and internet services)
under the orange™ brand. The Company provides mobile communications
services to over 3 million subscribers in Israel (as of December
31, 2009). Partner’s ADSs are quoted on the NASDAQ Global Select
Market™ and its shares are traded on the Tel Aviv Stock Exchange
(NASDAQ and TASE: PTNR).
Partner is an approximately 45%-owned subsidiary of Scailex
Corporation Ltd. ("Scailex"). Scailex's shares are traded on the
Tel Aviv Stock Exchange under the symbol SCIX and are quoted on
"Pink Quote" under the symbol SCIXF.PK. Scailex currently operates
in three major domains of activity: 1) the sole import,
distribution and maintenance of Samsung mobile handset and
accessories products primarily to the three major cellular
operators in Israel; 2) distribution and sale of various
manufacturers' mobile handsets, accessories and provision of
maintenance services, through a chain of retail stores and booths
("Dynamic"), to end customers of Cellcom (as part of the
acquisition of the controlling stake in Partner, Scailex announced
to Cellcom the termination of the distribution agreement through
Dynamic, effective July 1, 2010 and On Jan 17, 2010 Scailex
announced the sale of Dymanic’s activity to Cellcom) and; (3)
management of its financial assets.
For more information about Scailex, see
http://www.scailex.com.For more information about Partner,
see http://www.orange.co.il/investor_site.
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