CHICAGO, May 20, 2013 (GLOBE NEWSWIRE) -- Neutral Tandem, Inc. d/b/a Inteliquent (Nasdaq:IQNT), a leading provider of voice interconnection services, today announced its intention to declare a special dividend of $1.25 per share and to initiate a quarterly dividend of $0.0625 per share of its common stock. Both dividends are expected to be declared and paid within the next three months.
Inteliquent also announced today that it has reached an agreement with Clinton Group, Inc. ("Clinton Group"). Under the agreement, the Company will declare the dividends and appoint, prior to December 31, 2013, at least one new independent director. The investors have agreed, among other things, to withdraw their notice of intent to nominate individuals for election as directors at the 2013 annual meeting and not to take certain actions during a "standstill" period.
"We are delighted to be returning cash to our shareholders promptly after the successful sale of our global data business," said Ed Evans, Chief Executive Officer. "We expect to continue the payment of quarterly dividends and further enhance the value we provide to our shareholders as our business continues to perform well.""This announcement is an extremely positive one for all Inteliquent shareholders," said Gregory P. Taxin, Managing Director of Clinton Group. "We appreciate the Board's actions and believe the sale of the global data business, the return of approximately $40 million to shareholders, the ongoing dividend and the commitment to further augment the Board are all well considered steps that will help create significant shareholder value." "Based on our solid balance sheet and the confidence we have in our strong cash flow profile, we believed that now was the right time in our corporate history to adopt a regular quarterly dividend policy, as well as to make another special dividend payment from our excess cash," said David Zwick, Executive Vice President and Chief Financial Officer.