BEIJING, Dec. 14, 2011 /PRNewswire-Asia-FirstCall/ --
China Mass Media Corp. ("China Mass Media" or the "Company") (NYSE:
CMM), a television advertising company in China, today announced that the New York Stock
Exchange (the "NYSE") has tentatively established December 27, 2011 as the ex-dividend date for the
special cash dividend declared by the Company on October 28, 2011. The Company has obtained all
relevant approvals from PRC regulatory authorities for the special
cash dividend distribution. The dividend of US$0.07667 per ordinary share, or US$23.00 per ADS, net of a handling fee of
US$0.02 per ADS charged by the
depositary bank, will be paid on December
23, 2011 to all shareholders or ADS holders of record as of
December 9, 2011 (the "record date").
No U.S. withholding tax will be held by the Company. The full
amount of the distribution will be taxable for U.S. federal income
tax purposes. Each of the Company's ADSs represents 300 ordinary
shares of the Company.
In addition, the NYSE will apply its due bill procedures. Under
the rules of the NYSE, when a dividend is declared in a per share
amount that exceeds 25% of a company's stock price, the date on
which that company's shares will begin to trade without the
dividend, or ex-dividend, is the first business day following the
dividend payment date. The Company understands that, because the
US$23.00 per ADS special cash
dividend exceeds 25% of the Company's current ADS
price, the above-mentioned rules will apply and the
ex-dividend date was tentatively set by the NYSE as December 27, 2011, the first business day
following the payment date for the special cash dividend. The
Company further understands that pursuant to the due bill
procedures, trades of its ADSs entered into before December 27, 2011 and settled after the record
date (the "due bill period") will have a due bill attached for the
special cash dividend payable on December
23, 2011. This means that holders who purchase these
securities during the due bill period (even if the trades are
to be settled after that due bill period) are entitled to receive
the special cash dividend, and sellers who sell the securities
during the due bill period (even if the trades are to be settled
after the due bill period) are not entitled to the special cash
dividend. Investors who enter into trades to purchase ADSs on or
after December 27, 2011 will not be
entitled to the special cash dividend payable on December 23, 2011.
About China Mass Media Corp.
As a television advertising company in China, the Company provides a full range of
advertising services, including advertising agency services,
creative production services, public service announcement
sponsorship services and other value added services. The Company
currently offers approximately 41 minutes of advertising time slots
per day on CCTV Channels 1, 2, and 4. CCTV is the largest
television network in China. The
Company has produced over 400 advertisements and has won a number
of prestigious awards in China and
across the world, including the "Gold World Medal" at The New York
Festivals® International Television & Film Awards. For more
information, please visit http://www.chinammia.com.
For further information,
contact:
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China Mass Media
Corp.
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Julie Sun
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Chief Financial
Officer
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6/F, Tower B, Corporate
Square,
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35 Finance Street Xicheng
District
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Beijing, 100033
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P. R. China
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Phone:
+86-10-8809-1050
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Email: juliesun@chinammia.com
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Christensen
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Tip Fleming
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Phone: +852-2117-0861
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Email: tfleming@christensenir.com
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Teal Willingham
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Phone: +852-9827-3632
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Email: twillingham@christensenir.com
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SOURCE China Mass Media Corp.