OR-YEHUDA, Israel, May 17, 2011 /PRNewswire-FirstCall/ -- Formula Systems
(1985) Ltd. (NASDAQ: FORTY), a global provider of information technology
products, solutions and services, announced today that, in accordance with
the company's dividend policy, its board of directors has declared a cash
dividend to the holders of Formula ordinary shares, payable in US dollars on
June 16, 2011 (the "Distribution Date") with respect to each outstanding
Formula ordinary share held as of the close of business on May 31, 2011 (the
"Record Date"), subject to withholding tax as described below. The cash
distribution will be in the amount of $0.71 per share (on a fully diluted
basis), or $10 million in the aggregate.
On the Distribution Date, each holder of record of Formula shares as of
the close of business on May 31, 2011 will receive a cash amount, net of
Israeli withholding tax at a rate of 20%, unless such holder shall have
presented to Formula, prior to the Distribution Date, sufficient evidence of
its exemption from withholding tax in accordance with the requirements of
Israeli law.
About Formula:
Formula Systems Ltd. is a global information technology company
principally engaged, through its subsidiaries and affiliates, in providing
software consulting services, developing proprietary software products and
providing computer-based business solutions
Statements made in this press release that are not historical facts are
forward-looking statements. Such statements involve various risks that may
cause actual results to differ materially. These risks and uncertainties
include, but are not limited to: market demand for the company's products,
dependence on strategic partners, integration of new business, successful
implementation of Formula's products, economic and competitive factors,
international market conditions, management of growth, technological
developments, the ability to finance operations and other factors which are
detailed in Formula's Securities and Exchange Commission filings, including
its most recent report on Form 20-F. Formula undertakes no obligation to
publicly release any revision to any forward-looking statement.
Contact:
Formula Systems (1985) Ltd.
ir@formula.co.il
+972-3-5389487
SOURCE Formula Systems