BUENOS AIRES, Argentina,
Dec. 16, 2013 /PRNewswire/
-- Nortel Inversora S.A. ("Nortel" or the "Company") (NYSE:
NTL) holding company of Telecom Argentina S.A., announces that
during its meeting held on December
16, the Board decided to deduct an amount from the
"Voluntary Reserve for the Future Distribution of Dividends"
pursuant to the powers granted by the Annual and Extraordinary
General Stockholders' Meetings held on April
27, 2012 and April 26, 2013.
The Board has resolved to deduct and distribute as cash dividends
an amount of AR$464,300,000. Payment of such dividends will begin
on December 27, 2013, or any
following date pursuant to applicable law at the jurisdictions
where Nortel's shares are listed.
The following amounts will be distributed:
a) to the Class B preferred shares, pursuant to the terms
of issuance of such shares and applicable imperative laws, an
aggregate dividend of AR$ 227,317,630.6020, which amounts to AR$
154.58999466 for each Class B share, representing 1,545.89994663%
of its par value (AR$10) and AR$ 7.72949973 for each ADR; and
b) to the shares of common stock, an aggregate dividend of
AR$236,982,369.3980, which amounts to AR$ 44.45864652 for each
share of common stock, representing 444.58646518% of its par value
(AR$10).
For stockholders, Record Date is December
26, 2013 and Payment Date is as from December 27, 2013.
For holders of American Depositary Receipts (ADRs), the Record
Date is also December 26, 2013 and
Payment Date is as from December 27,
2013. For such holders, payment will be made through
JPMorgan Chase Bank N.A., Depositary under the ADRs program.
Please note that Nortel will deduct from the dividend –when
applicable– the amounts paid by Nortel to the Argentine tax
authorities as tax on personal property (under unnumbered Section
after Section 25 of Argentine Law No. 23,966, as amended) levied
and assessed on Nortel's shares for fiscal year 2013, pro
rata all applicable shareholders, except when such shareholders
show: (i) that they have deposited the corresponding tax in
Nortel's account; or (ii) that they hold no shares of Nortel as of
December 31, 2012.
In addition and if applicable, Nortel will withhold 10% of the
cash dividend as Income Tax pursuant to Section 90, last paragraph,
of Law 20,628, as amended, incorporated by Law 26,893.
With respect to Class B preferred shares and holders of ADRs,
taking into account the time needed to determine which shareholders
owe such tax, payment of the dividends to those shareholders will
be made within ten days of the date on which they are made
available, pursuant to Section 90 of the Listing Rules of the
Buenos Aires Stock Exchange.
SOURCE Nortel Inversora S.A.