Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

MGM China Holdings Ltd. : Inside Information-Dividend Policy

02/28/2013 | 10:12pm US/Eastern

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

MGM CHINA HOLDINGS LIMITED

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 2282) INSIDE INFORMATION DIVIDEND POLICY
This is an announcement made pursuant to the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571) and Rule 13.09 of the Rules Governing the Listing of Securities on the Stock Exchange.
The Board of Directors (the "Board") of MGM China Holdings Limited (the "Company") is pleased to announce that, on 28 February 2013, the Board approved the following dividend policy:
The Company intends to pursue a dividend policy pursuant to which it will make semi-annual distributions in an aggregate amount per year not to exceed 35% of the anticipated consolidated annual profits of the Company, taking into consideration the criteria described below and the directors' fiduciary duties. The Company may also declare special distributions from time to time in addition to the semi-annual distributions.
It is anticipated that these distributions will be declared semi-annually following the announcement of the half-year results and following the announcement of the full year results. Dividends will be declared and paid in Hong Kong dollars.
The Company will evaluate its distribution policy and distributions made in any particular year in light of its financial position, the prevailing economic climate and expectations about the future macroeconomic environment and business performance. The determination to make distributions will be made at the discretion of the Board and will be based upon the Company's operations and earnings, development pipeline, cash flow, financial condition, capital and other reserve requirements and surplus, general financial conditions, contractual restrictions and any other conditions or factors which the Board deems relevant and having regard to the directors' fiduciary duties. The payment of distributions may also be limited by legal restrictions and by the Company's financing agreements (including any financing agreements that the Company may enter into in the future).
- 1 -
The Company's ability to make distributions is also subject to the requirements of Cayman Islands law and the Company's Memorandum and Articles of Association. Other limitations on the Company's ability to declare and pay dividends include the fact that, as a holding company, the Company is dependent upon the receipt of cash contributions from MGM Grand Paradise, S.A. (one of the subsidiaries of the Company) and its other subsidiaries to fund any dividend payments that the Company makes. As substantially all of the Company's operations are conducted through MGM Grand Paradise, S.A. and the Company's other operating subsidiaries, the ability of these subsidiaries to make dividend and other payments to the Company will be restricted by their constitutional documents and to the laws of and regulations of the Macau SAR or other relevant laws and regulations to which those subsidiaries are subject.
By Order of the Board MGM China Holdings Limited Antonio MENANO

Joint Company Secretary

Hong Kong, 28 February 2013

As at the date of this announcement, our directors are Pansy Catilina Chiu King HO, James Joseph MURREN, Chen Yau WONG, William Joseph HORNBUCKLE and Grant R. BOWIE as executive directors, William M. SCOTT IV, Daniel J. D'ARRIGO and Kenneth A. ROSEVEAR as non-executive directors and Zhe SUN, Tommei Mei Kuen TONG, Sze Wan Patricia LAM and Peter Man Kong, WONG as independent non-executive directors.

- 2 -

distributed by
React to this article
Latest news
Date Title
2m ago SAVILLS : Baileys Lane Farm, at Batcombe,
2m ago PM may revoke east Jerusalem terrorists' families residency
2m ago DAIRY CREST : MOST READ STORIES westerndailypress.co.uk
3m ago MARKS AND SPENCER : Party where raunchy meets respectable
6m ago GOLDMAN SACHS : 13 Nov 2014 Goldman Sachs Conference Call to Announce Annual and Fourth Quarter 2014 Results
6m ago QLIK TECHNOLOGIES : and Intuit Partner to Deliver Robust Accounting Analytics Solutions
6m ago QLIK TECHNOLOGIES : Customer Barts Health NHS Trust Named 2015 Computerworld Premier 100 IT Leader
11m ago ADIDAS : Gift guideFor the children
11m ago EXPEDIA : How travel is helping recovery ; Travel news
11m ago MATCH OF THE DAY 10.20pm,
Latest news
Advertisement
Hot News 
SNOOZEBOX : Providing Temporary Hotel For Premier Oil
FAIRFX : Taps John Pearson To Replace Co-Founder As Chairman (ALLISS)
MOL GLOBAL : ATTENTION MOL GLOBAL SHAREHOLDERS: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of MOL Global, Inc.
S&P 500 MOVERS : Gme, rost
FULLER SMITH & TURNER : Pub operator Fuller's first-half profit rises 8 pct
Most Read News
1d ago KATE SPADE : 13 Super Cozy Things on Sale
1d ago Lockheed, Pentagon ink $4.7 billion deal for eighth batch of F-35 fighters
1d ago European Parliament may propose Google break-up in draft resolution
1d ago VISA : sees Visa Europe option now costing more than $10 billion
1d ago ALDAR PROPERTIES PJSC : Demand for units in Abu Dhabi's tallest tower remains strong
Most recommended articles
1h ago AVIVA : says will compensate customers sold wrong annuities
3h ago Albanian opposition rallies against tax, power burden
4h agoDJLavrov Says West Is 'Seeking Regime Change' in Russia
6h ago SGL says in talks with many carmakers to supply carbon fibre parts
6h ago Swiss agency has more queries over Etihad plan to buy Darwin stake
Dynamic quotes  
ON
| OFF