FIN 0.00% $1.13 finzsoft solutions limited

Ann: GENERAL: FIN: Finzsoft declares interim dividend

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    • Release Date: 20/02/15 10:26
    • Summary: GENERAL: FIN: Finzsoft declares interim dividend
    • Price Sensitive: No
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    					FIN
    20/02/2015 10:26
    GENERAL
    NOT PRICE SENSITIVE
    REL: 1026 HRS Finzsoft Solutions Limited
    
    GENERAL: FIN: Finzsoft declares interim dividend
    
    Friday 20 February 2015
    NZX Announcement
    
    Finzsoft declares interim dividend
    
    20 February 2015, Auckland - Finzsoft Solutions Limited (Finzsoft) (NZX:FIN)
    has today announced a fully imputed interim dividend of $750,000, being 8.7
    cents per share (the Interim Dividend).  The Interim Dividend will be paid to
    all Finzsoft shareholders holding shares at 5.00pm on Wednesday 25 February
    2015 (the Record Date) on the basis of an ex Date of 9.00 am Monday 23
    February 2015, and a payment date of Friday 27 February 2015.  This is a
    shorter notice period that is normally required by the NZX Main Board Listing
    Rules. The background and reasons for this are summarised below.
    
    As shareholders will be aware, on 28 January Finzsoft received a notice of
    intention to make a full offer under the Takeovers Code to purchase all of
    the equity securities of Finzsoft from Silverlake HGH Limited (Silverlake
    HGH).  The proposed terms of the Silverlake HGH offer state the offer is
    intended to include the purchase of all rights, benefits and entitlements
    (including entitlements to dividends) which attach to Finzsoft's shares on,
    after or by reference to 18 December 2014, but excluding any dividends of up
    to $1 million authorised by the Company after 18 December 2014.
    
    As shareholders will also be aware, Silverlake HGH has advised Finzsoft that
    it has entered into a lock-up agreement with Holliday Group Holdings (ICT
    Investments) (Holliday Group) Limited, under which Holliday Group has agreed
    to accept Silverlake HGH's takeover offer in relation to all of its
    approximately 65.92% shareholding in Finzsoft. Under the terms of the
    lock-up agreement, Holliday Group is required to accept Silverlake HGH's
    offer in respect of all of its Finzsoft shares no later than one business day
    after the date Holliday Group receives the takeover offer.
    
    The company understands that Silverlake HGH's takeover offer will be made
    shortly, and wishes to pay the Interim Dividend prior to the date on which
    Holliday Group accepts the takeover offer and the offer accordingly becomes
    unconditional. Unless the Interim Dividend is paid before the takeover offer
    becomes unconditional:
    
    - Finzsoft shareholders who accept the takeover offer could inadvertently
    sell their entitlement to the Interim Dividend to Silverlake HGH; and
    
    - the imputation credits attaching to the Interim Dividend could be lost.
    
    In order to be able to pay the Interim Dividend before the takeover offer
    becomes unconditional, Finzsoft has applied to NZX Limited for a waiver from
    NZX Main Board Listing Rule 7.12.2.  This waiver was granted and announced
    earlier today. The waiver enables the company to announce the Interim
    Dividend on the basis that notification of the Record Date be made before 9am
    on the date three Business Days before the Record Date.  The Company's notice
    of the Interim Dividend issued earlier today has been given in reliance upon
    this waiver.
    
    The arrangements summarised above are primarily intended to ensure that
    Finzsoft shareholders are able to receive the Interim Dividend before the
    Silverlake HGH takeover offer takes effect, and on the basis that the
    available imputation credits are not lost as a result of the takeover
    process.  They are also intended to provide investors who wish to trade on or
    off the Finzsoft share register without the rights to the Interim Dividend
    one full day to do so (being today, Friday 20 February 2015).  Investors who
    wish to trade in Finzsoft shares but are unsure as to the effect of these
    arrangements, or who otherwise have questions about the Interim Dividend,
    should consult their usual accounting, financial or legal advisors.
    
    For more information please contact:
    Brent Impey
    Chairman
    Finzsoft Solutions Limited
    Email: [email protected]
    End CA:00260926 For:FIN    Type:GENERAL    Time:2015-02-20 10:26:37
    				
 
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