Tecnoglass Announces Timing of Quarterly Dividend for Third Quarter 2017
August 29 2017 - 4:15PM
Marketwired
Tecnoglass Announces Timing of Quarterly Dividend for Third
Quarter 2017
Dividend Raised by 12% as Previosly Announced
Extends Timing of Purchase Agreement for GM&P Acquisition
Through May 15, 2018
BARRANQUILLA, COLOMBIA--(Marketwired - Aug 29, 2017) -
Tecnoglass, Inc. (NASDAQ: TGLS) ("Tecnoglass" or the "Company"), a
leading manufacturer of architectural glass, windows, and
associated aluminum products for the global commercial and
residential construction industries, today announced the timing for
the payment of its declared regular quarterly dividend, which as
previously announced has been raised by 12% to $0.14 per share for
the third quarter 2017. The dividend will be payable on October 27,
2017 to shareholders of record as of the close of business on
September 29, 2017.
The dividend will be paid in cash or ordinary shares, to be
chosen at the option of holders of ordinary shares during an
election period beginning October 2, 2017 and lasting until 5:00
P.M. Eastern Time on October 20, 2017. The value of the ordinary
shares to be used to calculate the number of shares to be issued
with respect to that portion of the dividend payable in ordinary
shares shall be the average of the closing price of the Company's
ordinary shares on NASDAQ during the ten trading day period from
October 9, 2017 through October 20, 2017. If no choice is made
during this election period, the dividend for this election period
will be paid in ordinary shares of the Company.
As previously reported, on March 1, 2017, Tecnoglass entered
into and consummated a purchase agreement to acquire Giovanni Monti
and Partners Consulting and Glazing Contractors, Inc. ("GM&P"),
a Florida-based commercial consulting, glazing and engineering
company, specializing in windows and doors for commercial
contractors. Pursuant to the agreement, the purchase price for the
acquisition was $35 million, of which $6.0 million was paid within
60 days of the agreement. The payable period on the remaining $29
million of the purchase price has been extended until on or before
May 15, 2018, from the prior period of on or before September 1,
2017. All other terms of the Agreement remain in full force and
effect.
José M. Daes, the Company's Chief Executive Officer, commented,
"We have a lot of value-enhancing initiatives underway at
Tecnoglass, including a 12% increase to our dividend, a seamless
integration of the GM&P acquisition, ongoing cost
rationalization efforts and an expanding project backlog. We remain
sharply focused on generating additional value for our shareholders
as reflected by our stronger dividend which represents one of the
highest dividend yields amongst our U.S. listed industrial peers.
Furthermore, the addition of GM&P continues to significantly
enhance our vertically integrated operations and contribute
meaningfully to our growth in new markets. Our strong balance sheet
affords us ample flexibility to fund the remaining purchase price
of this acquisition through a range of capital resources available
to us, which we look forward to completing through an accretive
transaction by May 2018."
About Tecnoglass
Tecnoglass, Inc. is a leading manufacturer of architectural
glass, windows, and associated aluminum products for the global
commercial and residential construction industries. Tecnoglass is
the #1 architectural glass transformation company in Latin America
and the second largest glass fabricator serving the United States.
Headquartered in Barranquilla, Colombia, the Company operates out
of a 2.7 million square foot vertically-integrated,
state-of-the-art manufacturing complex that provides easy access to
the Americas, the Caribbean, and the Pacific. Tecnoglass supplies
more than 900 customers in North, Central and South America, with
the United States accounting for approximately 62% of revenues in
2016. Tecnoglass' tailored, high-end products are found on some of
the world's most distinctive properties, including the El Dorado
Airport (Bogota), Imbanaco Medical Center (Cali), Trump Plaza
(Panama), Trump Tower (Miami), and The Woodlands (Houston). For
more information, please visit www.tecnoglass.com or view our
corporate video at https://vimeo.com/134429998.
Forward Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding future financial
performance, future growth and future acquisitions. These
statements are based on Tecnoglass' current expectations or beliefs
and are subject to uncertainty and changes in circumstances. Actual
results may vary materially from those expressed or implied by the
statements herein due to changes in economic, business, competitive
and/or regulatory factors, and other risks and uncertainties
affecting the operation of Tecnoglass' business. These risks,
uncertainties and contingencies are indicated from time to time in
Tecnoglass' filings with the Securities and Exchange Commission. In
particular there can be no assurance that Tecnoglass will be able
to continue to make regular quarterly dividend payments to the
holders of its ordinary shares or achieve any of its corporate
objectives. The information set forth herein should be read in
light of such risks. Further, investors should keep in mind that
Tecnoglass' financial results in any particular period may not be
indicative of future results. Tecnoglass is under no obligation to,
and expressly disclaims any obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events and changes in assumptions or otherwise, except as
required by law.
Contact Information
Investor Relations:Santiago GiraldoChief Financial
Officer305-503-9062investorrelations@tecnoglass.com
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