18th Nov 2009 11:00
18 November 2009
Asian Citrus Holdings Limited
("Asian Citrus" or "the Company")
Dividend Payment and Scrip Dividend Offer
Asian Citrus, the largest orange plantation owner and operator in China, announces the exchange rate for its 2008/09 final dividend payment and the share dividend price for its scrip dividend offer.
Cash Dividend
On 15 September 2009, Asian Citrus Holdings Limited declared a final dividend of RMB0.80 per share for the year ended 30 June 2009. The Company held a Special General Meeting on 2 November 2009 at which the shareholders of the Company agreed to, amongst other resolutions, sub-divide the shares of the Company with a nominal value of HK$0.10 per share into ten shares of HK$0.01 each (the "Subdivision"). As a result of the Subdivision, each share of the Company has now been subdivided into ten shares. To ensure that the amount to be distributed by dividend remains unchanged following the Subdivision, the final dividend per share of HK$0.01 each for the year ended 30 June 2009 is RMB0.08.
Dividend payments will be converted to GBP at a rate of RMB11.3018 with reference to the Hong Kong Association of Banks on 13 November 2009 and shareholders should expect to receive a cash dividend of approximately 0.71 pence per ordinary share if the proposed final dividend is approved at the Annual General Meeting on 11 December 2009 and it will be paid on or before 31 December 2009.
Scrip Dividend
On 15 September 2009, Asian Citrus wrote to shareholders offering them a scrip dividend alternative to the final cash dividend for the year ended 30 June 2009. The offer price for the new shares to be issued under the Scrip Dividend Scheme is 44.95 pence.
44.95 pence is the average of the closing share prices for the five preceding dealing days ended Tuesday 17 November 2009 and was calculated using the sterling/Chinese Yuan Renminbi with reference to the Hong Kong Association of Banks on 13 November 2009.
To receive one new ordinary share under this offer, a shareholder must have 64 or more ordinary shares as at 13 November 2009 (the "record date"). If insufficient ordinary shares are held and the cash value of the dividend is less than the price of the scrip dividend, shareholders will not be able to receive the scrip dividend on this occasion.
The scrip dividend offer will be closed on 27 November 2009.
For further information please contact:
Asian Citrus Holdings Limited Tel: 852 2559 0323
Tony Tong, Chairman and Chief Executive Officer
Eric Sung, Finance Director
Weber Shandwick Financial Tel: 020 7067 0700
Terry Garrett, Stephanie Badjonat, John Moriarty
Related Shares:
ACHL.L