Asia Entertainment Announces Final 2011 Annual Cash Dividend
Asia Entertainment & Resources Ltd. (“AERL” or the “Company”) (NASDAQ:AERL - News), which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, previously announced that its Board of Directors had authorized a regular semi-annual dividend of $0.10 per outstanding ordinary share each year after the release of the Company’s financial results for the six months ending June 30 (the “Six Month Dividend”), and, for each year after the release of the Company’s year-end financial results, an amount per outstanding ordinary share equal to (i) 15% of the Company’s non-GAAP net income for the most recently completed fiscal year less the amount paid pursuant to the six month dividend, divided by (ii) the number of ordinary shares outstanding on the record date for such dividend (the “Annual Dividend”).
The Company today announces the final 2011 Annual Dividend will be $0.194 per ordinary share outstanding as of April 10, 2012 and that the payment date will be April 18, 2012. Including the 2011 Six Month Dividend which was paid in September 2011, total dividends for 2011 will be $0.294 per ordinary share.
The Company previously announced that the record date for each period's dividend would be set by the Company's management to be as close as practicable to, but no less than, 15 days after the public release by the Company of the financial results for the applicable six-month period and fiscal year end and the payment date for each period's dividend would be set by the Company's management to be as close as practicable to, but no less than, 10 days after the record date. The Company’s board of directors has determined, due to holidays in Hong Kong in late March and early April of each year and the difficulty of transmitting money during that time , that the record date for each year’s Annual Dividend shall instead be set by the Company’s management to be as close as practicable to, but no less than, 30 days after the public release by the Company of the financial results for the applicable fiscal year end. The payment date shall continue to be no less than 10 days after the record date.
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