Himax Announces Taiwan Depository Receipts Listing Plan And Cash Dividend
TAINAN, Taiwan, May 20, 2010 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. ("Himax" or the "Company") (Nasdaq:HIMX) announced that its Board of Directors has approved a listing plan in the form of Taiwan Depository Receipts ("TDRs") on the Taiwan Stock Exchange (the "TWSE") and will promptly commence the preparation of listing application. The Company's Board of Directors also declared an annual cash dividend of 25 cents per ADS, or 12.5 cents per ordinary share, for the year 2010.
Himax decided to pursue a TDR listing plan on the TWSE as an alternative to the Company's prior application to the TWSE in the form of a primary listing of ordinary shares. Pursuant to the amendments to the Criteria Governing the Offering and Issuance of Securities by Foreign Issuers in Taiwan, which went into effect on May 19, 2010, Himax, whose ADSs are listed on the Nasdaq, has become eligible to list TDRs on the TWSE. The amendments also contain measures to promote a better secondary market liquidity. As Himax is a Cayman Islands company listed on the Nasdaq, a major benefit of TDR listing for Himax, as opposed to its withdrawn primary listing plan, is that maintenance costs of listing in Taiwan will likely be substantially lower because ongoing compliance is expected to remain essentially the same with limited additional compliance requirements in Taiwan.
As the primary listing application to the TWSE is aborted, according to a special resolution of the Company in its Annual General Meeting on August 6, 2009, the adoption of the Third Amended and Restated Memorandum and Articles of Association became unconditional and effective on May 20, 2010. The Third Amended and Restated Memorandum and Articles of Association are identical to the memorandum and articles of association of the Company in effect prior to the adoption on August 6, 2009 of certain amendments to meet the TWSE's primary listing requirements except for the Company's authorized share capital and par value.
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