SINOVAC Announces Decision to Declare Cash Dividend
Sinovac Biotech (NASDAQ: SVA) has announced a significant special cash dividend of US$55.00 per common share. The dividend will be funded from the company's available cash resources, including prior distributions from Sinovac Life Sciences Co., and other operating subsidiaries to Sinovac Biotech (Hong Kong)
Following a recent Privy Council court order, which confirmed the legitimacy of the board of directors elected at the February 6, 2018 Annual General Meeting, the Board is reviewing previous corporate actions. This includes assessment of the 11,800,000 common shares issued in July 2018 through a securities purchase agreement with Vivo Capital, and Prime Success, L.P. (2018 PIPE Shares). The dividend amount corresponding to these shares will be retained by the company pending final resolution of related issues.
Sinovac Biotech (NASDAQ: SVA) ha annunciato un significativo dividendo straordinario in contante di 55,00 USD per azione ordinaria. Il dividendo sarà finanziato dalle risorse disponibili della società, comprese le distribuzioni precedenti da Sinovac Life Sciences Co. e altre sussidiarie operative a Sinovac Biotech (Hong Kong).
A seguito di un recente ordine del Consiglio Privato, che ha confermato la legittimità del consiglio di amministrazione eletto durante l'Assemblea Generale Annuale del 6 febbraio 2018, il Consiglio sta rivedendo le azioni aziendali precedenti. Questo include la valutazione delle 11.800.000 azioni ordinarie emesse a luglio 2018 attraverso un accordo di acquisto di titoli con Vivo Capital e Prime Success, L.P. (2018 PIPE Shares). L'importo del dividendo corrispondente a queste azioni sarà trattenuto dalla società in attesa di una risoluzione finale delle questioni correlate.
Sinovac Biotech (NASDAQ: SVA) ha anunciado un importante dividendo en efectivo especial de US$55.00 por acción ordinaria. El dividendo será financiado con los recursos de efectivo disponibles de la empresa, incluidas distribuciones anteriores de Sinovac Life Sciences Co. y otras subsidiarias operativas a Sinovac Biotech (Hong Kong).
Tras un reciente fallo del Consejo Privado, que confirmó la legitimidad de la junta directiva elegida en la Junta General Anual del 6 de febrero de 2018, la Junta está revisando acciones corporativas anteriores. Esto incluye la evaluación de las 11,800,000 acciones ordinarias emitidas en julio de 2018 a través de un acuerdo de compra de valores con Vivo Capital y Prime Success, L.P. (2018 PIPE Shares). La cantidad del dividendo correspondiente a estas acciones será retenida por la empresa a la espera de la resolución final de los problemas relacionados.
시노백 생물공학 (NASDAQ: SVA)는 보통주당 55.00달러의 특별 현금 배당금을 발표했습니다. 이 배당금은 시노백 생명과학(Sinovac Life Sciences Co.)과 시노백 생물공학(홍콩)으로의 이전 배당금을 포함한 회사의 가용 현금 자원으로부터 자금을 조달할 예정입니다.
2018년 2월 6일 연례 총회에서 선출된 이사회가 합법적이라는 것을 확인한 최근의 특권 위원회 판결에 따라 이사회는 이전의 기업 행동을 검토하고 있습니다. 여기에는 2018년 7월 비보 캐피탈(Vivo Capital) 및 프라임 석세스(Prime Success, L.P.)와의 증권 구매 계약을 통해 발행된 11,800,000주 보통주에 대한 평가가 포함됩니다. 이 주식에 해당하는 배당금은 관련 문제의 최종 해결을 기다리는 동안 회사에 보유될 것입니다.
Sinovac Biotech (NASDAQ: SVA) a annoncé un dividende spécial en espèces significatif de 55,00 USD par action ordinaire. Le dividende sera financé par les ressources de trésorerie disponibles de l'entreprise, y compris les distributions antérieures de Sinovac Life Sciences Co. et d'autres filiales opérationnelles à Sinovac Biotech (Hong Kong).
Suite à un récent ordre du Conseil Privé, qui a confirmé la légitimité du conseil d'administration élu lors de l'Assemblée Générale Annuelle du 6 février 2018, le Conseil examine les actions corporatives précédentes. Cela inclut l'évaluation des 11 800 000 actions ordinaires émises en juillet 2018 par le biais d'un contrat d'achat de titres avec Vivo Capital et Prime Success, L.P. (2018 PIPE Shares). Le montant du dividende correspondant à ces actions sera conservé par la société en attendant la résolution finale des problèmes connexes.
Sinovac Biotech (NASDAQ: SVA) hat eine bedeutende Sonderdividende in bar von 55,00 USD pro Stammaktie angekündigt. Die Dividende wird aus den verfügbaren Barmitteln des Unternehmens finanziert, einschließlich früherer Ausschüttungen von Sinovac Life Sciences Co. und anderen operativen Tochtergesellschaften an Sinovac Biotech (Hongkong).
Nach einem kürzlichen Beschluss des Privy Council, der die Legitimität des am 6. Februar 2018 gewählten Vorstands bestätigte, überprüft der Vorstand frühere Unternehmensmaßnahmen. Dazu gehört die Bewertung der 11.800.000 Stammaktien, die im Juli 2018 im Rahmen eines Wertpapierkaufvertrags mit Vivo Capital und Prime Success, L.P. (2018 PIPE Shares) ausgegeben wurden. Der Dividendenbetrag, der diesen Aktien entspricht, wird von der Gesellschaft einbehalten, bis die damit verbundenen Fragen endgültig geklärt sind.
- Substantial special dividend of $55.00 per share announced
- Company has sufficient cash resources to fund the large dividend
- Board commits to future pro-rata distributions to shareholders
- Uncertainty surrounding 11.8 million shares issued in 2018 PIPE transaction
- Portion of dividend funds will be retained pending resolution of PIPE shares issue
As previously disclosed, a recent court order from the Privy Council (the “Order”) ruled, among other things, that the slate of nominees proposed by a group of shareholders at the Company’s Annual General Meeting held on February 6, 2018, was rightfully elected to the board of directors of SINOVAC at that meeting and has been the legitimate board of directors of the Company since then. To implement the Order and fulfill their fiduciary duties to the Company, the current members of the Board are assessing certain corporate actions taken by the former board of directors of the Company after they ceded office. One such corporate action being assessed is the issuance of the 11,800,000 common shares purportedly issued pursuant to a certain securities purchase agreement with Vivo Capital, LLC and Prime Success, L.P. in July 2018 (the “2018 PIPE Shares”) approved by the former board of directors, which was determined by the Order as lacking authority to approve such a transaction. Following the determination of the record and payment dates for the Dividend, an amount equal to the aggregate amount of cash that would be payable under the Dividend in respect of the 2018 PIPE Shares, will, prior to the payment date, be set aside and retained by the Company pending final resolution of any issues with respect to the 2018 PIPE Shares based on the Board’s assessment in accordance with the Order and under the laws of
About SINOVAC
Sinovac Biotech Ltd. (SINOVAC) is a
SINOVAC’s product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, etc.
The COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive®, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine under “Category 1 Preventative Biological Products” and commercialized in
SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program.
SINOVAC continually dedicates itself to new vaccine R&D, with more combination vaccine products in its pipeline, and constantly explores global market opportunities. SINOVAC plans to conduct more extensive and in-depth trade and cooperation with additional countries, and business and industry organizations.
For more information, please visit the Company’s website at www.sinovac.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
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Sinovac Biotech Ltd.
Helen Yang
Tel: +86-10-8279 9779
Email: ir@sinovac.com
Source: Sinovac Biotech Ltd.