BUENOS AIRES, Argentina, Aug. 9, 2016 /PRNewswire/ -- Nortel Inversora S.A. ("Nortel" or the "Company") (NTL) holding company of Telecom Argentina S.A., announces that during its meeting held today, the Board decided to deduct an amount from the "Voluntary Reserve for the Future Distribution of Dividends", pursuant to the powers granted by the Annual and Extraordinary General Stockholders' Meetings held on April 29, 2016. The Board has resolved to deduct and distribute as cash dividends an amount of AR$ 172,000,000.-. Payment of such dividends will begin on August 30, 2016, or any following date pursuant to applicable law at the jurisdictions where Nortel's shares are listed.
The following amounts will be distributed:
a) to the Class B preferred shares, pursuant to the terms of issuance of such shares, an aggregate dividend of AR$ 84,209,848.08, which amounts to AR$ 57.2678851648 for each Class B preferred share, representing 572.678851648 % of its par value (AR$10), and AR$ 2.8633942582 per ADR; and
b) to the shares of common stock, an aggregate dividend of AR$ 87,790,151.92, which amounts to AR$ 16.469711827 for each share of common stock, representing 164.69711827 % of its par value (AR$10).
Pursuant to the terms and conditions of issuance of the "Class B" Preferred Shares., the dividend approved for the holders of "Class B" Preferred Shares represents 48.959214% on the dividend referred to in paragraphs (a) and (b) of this notice, considered in the aggregate, while the dividend approved for the holders of shares of common stock represents the remaining 51.040786%
For stockholders, Record Date is August 29, 2016 and Payment Date is as from August 30, 2016.
For holders of American Depositary Receipts (ADRs), the Record Date is also August 29, 2016 and Payment Date is as from August 30, 2016.
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SOURCE Nortel Inversora S.A.