SINGAPORE, Nov. 5, 2019 /PRNewswire/ -- Kenon Holdings Ltd.
("Kenon") (NYSE: KEN) (TASE: KEN) announces that its
Board of Directors has approved a cash dividend of US$1.21 per share relating to the year ending
December 31, 2019, an aggregate
amount of approximately US$65 million
(the "Dividend"), payable to shareholders of record as of
the close of trading on November 18,
2019 (the "Record Date"), to be paid on November 26, 2019 (the "Payment
Kenon's Board of Directors considered a number of factors in
approving the Dividend, including Kenon's anticipated cash needs.
Following payment of the Dividend, Kenon will retain cash of
approximately $28 million.
The Dividend is consistent with Kenon's strategy of realizing
the value of its businesses for its shareholders.
Additional Information about the Dividend
The New York Stock Exchange's (the "NYSE") ex-dividend
date, which is the date on which Kenon's shares will begin trading
on the NYSE without the entitlement to the Dividend, is
November 15, 2019 (the "NYSE
Ex-Dividend Date"). The NYSE will adjust the price of Kenon's
shares on the NYSE Ex-Dividend Date to reflect the Dividend.
The Tel Aviv Stock Exchange's ("TASE") ex-dividend date,
which is the date on which Kenon's shares will begin trading on the
TASE without the entitlement to the Dividend, is November 18, 2019 (the "TASE Ex-Dividend
Date"). The TASE will adjust the price of Kenon's shares on the
TASE Ex-Dividend Date to reflect the Dividend.
We encourage you to contact your bank, broker, nominee or other
institution if you have any questions regarding the mechanics and
timing of having the Dividend attributable to your shares credited
to your account.
Singapore tax is not expected
to be imposed on Kenon's shareholders in connection with the
Dividend. Nevertheless, the Dividend may constitute a taxable event
to Kenon's shareholders according to their jurisdiction and the
local tax law applicable (including for the purpose of withholding
tax in accordance with applicable law and/or regulation). Kenon's
shareholders should consult their tax advisors with respect to the
federal, state, and/or any other local tax consequences of the
Dividend, and the potential imposition of withholding taxes in
connection with the Dividend.
Caution Concerning Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include statements about the Dividend, the
Payment Date, the Record Date, the NYSE Ex-Dividend Date, the TASE
Ex-Dividend Date, and the crediting of accounts with the Dividend,
as well as the amount of cash to be retained by Kenon following the
Dividend and statements about the expected Singapore tax treatment of the Dividend. These
statements are based on Kenon's management's current expectations
or beliefs, and are subject to uncertainty and changes in
circumstances. These forward-looking statements are subject to a
number of risks and uncertainties, which could cause the actual
results to differ materially from those indicated in Kenon's
forward-looking statements. Such risks include the risks relating
to payment of the Dividend and that the amounts retained by Kenon
are not sufficient to meet its cash needs, statements relating to
the expected tax treatment of the Dividend in Singapore and other risks and factors,
including those set forth under the heading "Risk Factors" in
Kenon's Annual Report on Form 20-F, filed with the U.S. Securities
and Exchange Commission. Except as required by law, Kenon
undertakes no obligation to update these forward-looking
statements, whether as a result of new information, future events,
Kenon Holdings Ltd.
Director, Investor Relations
SOURCE Kenon Holdings Ltd.