BUENOS AIRES, Argentina,
Aug. 9, 2016 /PRNewswire/ -- Nortel
Inversora S.A. ("Nortel" or the "Company") (NTL) holding company of
Telecom Argentina S.A., announces that during its meeting held
today, the Board decided to deduct an amount from the "Voluntary
Reserve for the Future Distribution of Dividends", pursuant to the
powers granted by the Annual and Extraordinary General
Stockholders' Meetings held on April 29,
2016. The Board has resolved to deduct and distribute as
cash dividends an amount of AR$ 172,000,000.-. Payment of such
dividends will begin on August 30,
2016, or any following date pursuant to applicable law at
the jurisdictions where Nortel's shares are listed.
The following amounts will be distributed:
a)
to the Class B preferred shares, pursuant to the terms of issuance
of such shares, an aggregate dividend of AR$ 84,209,848.08, which
amounts to AR$ 57.2678851648 for each Class B preferred share,
representing 572.678851648 % of its par value (AR$10), and AR$
2.8633942582 per ADR; and
b)
to the shares of common stock, an aggregate dividend of AR$
87,790,151.92, which amounts to AR$ 16.469711827 for each share of
common stock, representing 164.69711827 % of its par value
(AR$10).
Pursuant to the terms and conditions of issuance of the "Class
B" Preferred Shares., the dividend approved for the holders of
"Class B" Preferred Shares represents 48.959214% on the dividend
referred to in paragraphs (a) and (b) of this notice, considered in
the aggregate, while the dividend approved for the holders of
shares of common stock represents the remaining 51.040786%
For stockholders, Record Date is August
29, 2016 and Payment Date is as from August 30, 2016.
For holders of American Depositary Receipts (ADRs), the Record
Date is also August 29, 2016 and
Payment Date is as from August 30,
2016.
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SOURCE Nortel Inversora S.A.