Formula Systems Announces Distribution of Cash Dividend in Respect of its Results for the Second Half of 2017
May 23 2018 - 8:49AM
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 June 20th, 2018 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 June 5th, 2018.
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
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
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