TORONTO, March 25, 2013 /CNW/ - Asian Television Network International Limited (ATN) (TSX-SAT),
The Company is pleased to announce that the Company's board of directors has adopted an updated regular quarterly dividend policy for the 2013 calendar year and has declared a dividend payable on April 30, 2013.
This policy provides that a regular quarterly dividend of $0.02 per share will to be paid on each common share of the Company on April 30th, July 31st and October 31st 2013. A dividend per share of $0.02 per share was paid on January 31, 2013.
This updated policy supersedes and replaces the policy announced on December 1, 2011 which contemplated the payment of a regular quarterly dividend for 2013 and subsequent years calculated as a percentage of the Company's earnings for the immediately prior fiscal year.
The decision to continue in 2013 the policy adopted for 2012 reflects the Company's ability to pay out in 2013 a dividend than would otherwise have been payable under the previously announced earnings based formula.
In accordance with the Company's dividend policy, the board of directors declared a quarterly dividend of $0.02 on each common share outstanding, payable, on April 30, 2013, to shareholders of record at the close of business of April 15, 2013.
The Company advises that the dividend to be paid on the common shares on April 30, 2013 are designated as an "eligible dividend" for Canadian income tax purposes.
The record date to determine those shareholders entitled to receive a dividend payment for quarterly periods subsequent to April 30, 2013 will be set in accordance with the policies of the TSX Venture Exchange, and will be announced in advance of each payment date.
The dividend policy will be reviewed periodically by the board of directors of the Company. The board of directors has the sole discretion to declare and to adjust or eliminate dividends based on relevant considerations, including the Company's need to retain capital to support its stability and growth, and compliance with applicable laws.
ATN serves Canada's diverse cultural communities with 35 premium specialty television channels. ATN offers its flagship general interest service, Several Bollywood movie channels , and a variety of channels that include 3 sports Channels, 3 news Channels , 3 music Channels , 2 lifestyle Channels, 3 Chinese Channels and several General interest and regional language channels. ATN operates a South Asian Radio Service on Satellite Radio across The United States and Canada. Some ATN content is also available on any Bell mobile phone that supports video. ATN has programming alliances with leading international broadcasters. For more information please visit www.asiantelevision.com
Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the risk that the Company may in future change its dividend policy. Actual results might differ materially from results suggested in any forward-looking statements.
The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE: Asian Television Network International Limited
For further information:
For more details on ATN visit www.asiantelevision.com
K. Classen CFO
Asian Television Network International Limited
Markham, Ontario L3R 8E4