TMCnet News
Telecom Argentina S.A. announces dividends for the fiscal year ended on December 31, 2014BUENOS AIRES, Argentina, April 29, 2015 /PRNewswire/ -- Telecom Argentina S.A. ("Telecom Argentina" or the "Company") (BASE: TECO2, NYSE: TEO), one of Argentina's leading telecommunications groups, announced that the General Ordinary Shareholders' Meeting held today approved a cash dividend distribution in the amount of P$804,402,472, the creation of a 'Reserve for Future Cash Dividends' of P$ 2,868,137,894; and the delegation of the authority to the Board of Directors to determine, depending on the performance of the business, the allocation in one or more instances, of an amount up to P$ 649,336,936 of the 'Reserve for Future Cash Dividends' and its distribution to the shareholders as cash dividends, during Fiscal Year 2015. The dividend payment will be made starting on May 11, 2015. The amount to be distributed is equivalent to P$0.83 per outstanding share in circulation or P$4.15 per ADR, prior to deductions of the Personal Asset Tax and Income Tax obligations, as described below. Dividends will not be paid to nor reserved for Treasury shares. For ADR holders, the Record Date is May 8, 2015 and the Payment Date is May 18, 2015. The payment to these shareholders will be made through the Depositary Bank, JP Morgan Chase Bank N.A. For non-ADR holders, the Record Date is also May 8, 2015 and payment will be available as from May 11, 2015 (as described below). For these shareholders, payment will be made through Caja de Valores S.A. in Argentina. The Company will deduct from the dividend payment the proportionate value of any amount of Personal Asset Tax paid by the Company (pursuant to the unnumbered section following section 25 of Law No. 23,966, as amended) for fiscal year 2014. Deductions of Personal Asset Tax payments will not apply to shareholders who did not own shares or ADRs on December 31, 2014 and to those who have reimbursed the Company the amount related to such tax obligations. As well and if applicable, from the dividend to be paid, Telecom Argentina will deduct 10% of the amount distributed as Income Tax as provided in the last paragraph of Article 90 of Law 20,628 and amendments, incorporated by law 26,893. Due to the time required to determine which non-ADR holders are subject to the referred taxes, the effective date of the dividend distribution through Caja de Valores S.A. will be made within 10 days of the payment date, in accordance with the time period established in Article 90 of the Buenos Aires Stock Exchange Listing Rules. Telecom Argentina is the parent company of a leading telecommunications group in Argentina, where it offers, either itself or through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission and Internet services, among other services. Additionally, through a controlled subsidiary, the Telecom Group offers cellular services in Paraguay. The Company commenced operations on November 8, 1990, upon the Argentine government's transfer of the telecommunications system in the northern region of Argentina. Nortel Inversora S.A. (´Nortel´), which acquired the majority of the Company from the Argentine government, holds 54.74% of Telecom Argentina's issued common stock. Nortel is a holding company whose common stock (approximately 78% of capital stock) is owned by Sofora Telecomunicaciones S.A. Additionally, Nortel capital stock is comprised of preferred shares that are held by minority shareholders. As of April 29, 2015, Telecom Argentina continued to have 984,380,978 shares issued and 969,159,605 shares outstanding. For more information, please contact Investor Relations:
Voice Mail: (5411) 4968 3628 For information about Telecom Group services, visit: www.telecom.com.ar Disclaimer Market Cap: P$51.0 billion Contacts: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/telecom-argentina-sa-announces-dividends-for-the-fiscal-year-ended-on-december-31-2014-300074787.html SOURCE Telecom Argentina S.A. |