Or Yehuda, Israel, December 20, 2016 – Formula Systems (1985) Ltd. (NASDAQ: FORTY), a leading software consulting services, computer-based business solutions and proprietary software products holding company, today announced that its Board of Directors has declared a cash dividend in the amount of US $0.48 per share and in the aggregate amount of approximately US $7.1 million.
The dividend is payable on January 12, 2017 to all of the Company’s shareholders of record at the close of trading on the NASDAQ Global Select Market (or the Tel-Aviv Stock Exchange, as appropriate) on December 30, 2016.
In accordance with Israeli tax law, the dividend is subject to withholding at source at the rate of 30% (if the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company's share capital) or 25% (for all other dividend recipients) of the dividend amount payable to each shareholder of record, subject to applicable exemptions.
The dividend will be paid in US dollars with respect to the ordinary shares of Formula Systems traded on the Tel Aviv Stock Exchange and the American Depositary Receipts of Formula Systems traded on the NASDAQ Global Select Market.
Formula Systems (1985) Ltd. is a global information technology company principally engaged, through its public company subsidiaries Matrix, Sapiens Corporation and Magic Software and its privately held subsidiaries TSG IT Advanced Systems Ltd and InSync Staffing Solutions, in providing software consulting services, developing proprietary software products, and providing computer-based business solutions.
For more information, visit www.formulasystems.com.
Formula Systems (1985) Ltd.
Except for any historical information contained herein, matters discussed in this press release might include forward-looking statements that involve a number of risks and uncertainties. Regarding any financial statements, actual results might vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both locally and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in Formula's most recent annual report and other filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.