MGM Resorts International MGM
today announced the adoption of a distribution policy by its 51% owned
subsidiary, MGM China Holdings Limited (SEHK 2282).
Pursuant to the announced policy, MGM China 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 its anticipated consolidated
annual profits, taking into consideration the criteria described below and its
directors' fiduciary duties. MGM China 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.
MGM China 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 MGM China Board and will be based upon MGM China'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 MGM China's financing agreements (including any financing
agreements that MGM China may enter into in the future).
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in