Asia Entertainment Announces Final 2011 Annual Cash Dividend
March 15 2012 - 4:01PM
Business Wire
Asia Entertainment & Resources Ltd. (“AERL” or the
“Company”) (NASDAQ:AERL - News), which operates through
its subsidiaries and related promoter companies as a VIP room
gaming promoter, previously announced that its Board of Directors
had authorized a regular semi-annual dividend of $0.10 per
outstanding ordinary share each year after the release of the
Company’s financial results for the six months ending June 30 (the
“Six Month Dividend”), and, for each year after the release of the
Company’s year-end financial results, an amount per outstanding
ordinary share equal to (i) 15% of the Company’s non-GAAP net
income for the most recently completed fiscal year less the amount
paid pursuant to the six month dividend, divided by (ii) the number
of ordinary shares outstanding on the record date for such dividend
(the “Annual Dividend”).
The Company today announces the final 2011 Annual Dividend will
be $0.194 per ordinary share outstanding as of April 10, 2012 and
that the payment date will be April 18, 2012. Including the 2011
Six Month Dividend which was paid in September 2011, total
dividends for 2011 will be $0.294 per ordinary share.
The Company previously announced that the record date for each
period's dividend would be set by the Company's management to be as
close as practicable to, but no less than, 15 days after the public
release by the Company of the financial results for the applicable
six-month period and fiscal year end and the payment date for each
period's dividend would be set by the Company's management to be as
close as practicable to, but no less than, 10 days after the record
date. The Company’s board of directors has determined, due to
holidays in Hong Kong in late March and early April of each year
and the difficulty of transmitting money during that time , that
the record date for each year’s Annual Dividend shall instead be
set by the Company’s management to be as close as practicable to,
but no less than, 30 days after the public release by the Company
of the financial results for the applicable fiscal year end. The
payment date shall continue to be no less than 10 days after the
record date.
About Asia Entertainment & Resources Ltd.
AERL, formerly known as CS China Acquisition Corp., acquired
Asia Gaming & Resort Limited (“AGRL”) on February 2, 2010. AERL
is an investment holding company which operates through its
subsidiaries and related promoter companies as a VIP room gaming
promoter, and is entitled to receive all of the profits of the VIP
gaming promoters from VIP gaming rooms. AERL’s VIP room gaming
promoters currently participate in the promotion of three major
luxury VIP gaming facilities in Macau, China, the largest gaming
market in the world. One VIP gaming room is located at the Galaxy
Macau Resort. Another Macau VIP gaming facility is located in the
luxury 5-star hotel, the Star World Hotel & Casino in downtown
Macau, which is operated by Galaxy Casino, S.A. The third VIP
gaming room is located at the Venetian Macao-Resort-Hotel on the
Cotai Strip.
Conference Call Replay Information
A replay of the AERL’s fourth quarter and year end 2011
conference call can be accessed on the Internet at www.aerlf.com
(select Events and Presentations), or for one week by calling
either 877-870-5176 (U.S. callers) or 1-858-384-5517 (International
callers) and providing conference ID 6738949.
Forward Looking Statements
This press release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
Forward looking statements are statements that are not historical
facts. Such forward-looking statements, based upon the current
beliefs and expectations of AERL's management, are subject to risks
and uncertainties, which could cause actual results to differ from
the forward looking statements.
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