Lining Intends To Send 300 Million Dividends. The Chairman Of The Company Will Get 90 Million.
Lining (02331, HK) announced a special dividend of 28.9 cents per share.
The company announced yesterday that it will be distributed on or before December 19, 2008 (Friday), and the special dividend will be paid in Hong Kong dollars, and the exchange rate will be calculated at 0.88069 yuan in the amount of HK $1.
This is the second time that Li Ning Co has distributed special dividends in about half a year. In May 2nd this year, Lining also paid a special dividend of 9.13 cents per share, after announcing the final dividend.
The Lining board said that before deciding to issue a special dividend, the company had carefully considered the cash requirements and capital requirements for future business development, and after distributing special dividends, the company would maintain sufficient cash and cash equivalents to meet future future operations and development plans.
As of yesterday, Lining has issued about 1 billion 41 million shares of common stock, with a total dividend of about 300 million 750 thousand yuan.
The Li Ning Co interim report 2008 shows that by the end of June this year, the company had more than 1 billion 429 million yuan in cash and cash equivalents, a net increase of 579 million yuan compared with the end of 2007.
The company's interim report also revealed that by the end of June this year, Lining still held nearly 333 million shares, accounting for 32.039% of the company's issued share capital, and Zhang Zhiyong held 7 million 737 thousand and 700 shares of the company, accounting for 0.745%.
According to the calculation of 28.9 cents per share, Lining will receive a special dividend of 96 million 237 thousand yuan, and Zhang Zhiyong will also have 2 million 236 thousand yuan to bag.
Citigroup recently said it expects Lining to pay a dividend yield of 60% in 2008, which is better than 50% in 2007. The bank maintains the "sell" rating of Lining and the target price of HK $9.50.
Lining yesterday closed at HK $11, or 4.36%.
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