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On March 18, 2021, China Distance Education Holdings Limited (NYSE: DL) announced the completion of its merger with China Distance Learning Investments Limited, resulting in the Company becoming a wholly-owned subsidiary of Champion Distance Education Investments Limited. Shareholders will receive $2.45 per Ordinary Share or $9.80 per ADS. The Company will suspend trading of its ADSs on the NYSE and has filed a Form 25 with the SEC to withdraw from listing. After 90 days, the Company's reporting obligations will cease.
China Distance Education Holdings Limited (NYSE: DL) announced that its shareholders voted to approve a merger agreement during an extraordinary general meeting held on February 26, 2021. Approximately 96.6% of outstanding shares were voted, with 67.4% in favor of the merger. Upon completion, the Company will become a wholly-owned subsidiary of Champion Distance Education Investments Limited, leading to the delisting of its American depositary shares from the New York Stock Exchange and termination of its ADS program.
China Distance Education Holdings Limited (NYSE: DL) announced an extraordinary general meeting (EGM) on February 26, 2021, for shareholders to vote on a proposed merger agreement. If approved, the company will become a privately-held subsidiary of Champion Distance Education Investments Limited. Upon completion, the company's American depositary shares (ADSs) will be delisted from the New York Stock Exchange, and the registration under the Securities Exchange Act will cease. Shareholders must vote by proxy by February 15, 2021, to participate in the EGM.
China Distance Education Holdings Limited (NYSE: DL) has filed its annual report on Form 20-F for the fiscal year ending September 30, 2020, with the SEC. The report is available on the company's investor relations website. Shareholders can request hard copies of the audited financial statements for free. CDEL specializes in online education and value-added services in China, offering courses for professional licenses and job skills enhancement across various sectors, including accounting and healthcare.
China Distance Education Holdings Limited (DL) reported its Q4 2020 results, with net revenue of $65.5 million, exceeding guidance but down 4.6% year-over-year. Gross profit decreased to $36.7 million, with a gross margin of 56.0%. Operating income fell 32.9% to $12.9 million, while net income attributable to CDEL was $4.9 million, a 64.7% decline. For the fiscal year, net revenue totaled $209.6 million, down 1.1%. The company announced a definitive merger agreement to go private, with shareholders to receive $9.80 per ADS.
China Distance Education Holdings Limited (NYSE: DL) will release its unaudited financial results for Q4 and fiscal year 2020, ending September 30, 2020, on December 16, 2020, after market close. The results will be accessible on the company's investor relations website. CDEL specializes in online education and value-added services for professionals and corporate clients in China, offering courses in various fields including accounting and healthcare, as well as business services to corporate clients.
On December 1, 2020, China Distance Education Holdings Limited (NYSE: DL) announced a merger agreement with Champion Distance Education Investments Limited. The merger, approved by the company's board of directors, will result in the company becoming a wholly-owned subsidiary of Parent. Shareholders will receive $2.45 per Ordinary Share or $9.80 per American Depositary Share (ADS). The offered price represents a 35.7% premium over the last trading day before a privatization proposal. The merger is expected to complete by mid-2021, subject to shareholder approval.
China Distance Education Holdings Limited (NYSE: DL) announced the results of its 2020 Annual General Meeting (AGM) held on August 28, 2020. Shareholders approved all proposals including the re-election of Carol Yu and Liankui Hu as class C directors. Additionally, the re-appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the independent auditor for the fiscal year ending September 30, 2020, was ratified. This meeting underscores the company's commitment to governance and transparency in the education sector.
China Distance Education Holdings Limited (NYSE: DL) reported its Q3 2020 results, revealing a 17.9% decline in net revenue to $50.7 million compared to Q3 2019. Total course enrollments increased by 0.5% to 738,300, but cash receipts from online course registrations fell 31.3% to $34.6 million. Gross profit dropped 22.8% to $24.1 million, with a gross margin of 47.5%. Net income was $3.0 million, down from $9.4 million year-over-year. For Q4, the company expects revenues between $58.4 million and $61.8 million, a 10% to 15% decline from the previous year.
China Distance Education Holdings Limited (NYSE: DL) will announce its third-quarter fiscal year 2020 unaudited financial results on August 26, 2020, after market close. The earnings release will be available on the investor relations website. A conference call is scheduled for August 27, 2020, at 8:00 a.m. Eastern Time, where management will discuss the results and address questions from investors. Registration for the call is required at least 20 minutes in advance.
