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Acorn International to pay special dividend of $14.97 per ADS
China-based Acorn International Inc. said Friday it will pay a one-time cash dividend of $14.97 per American despositary share, to holders of the marketing and branding company's ordinary shares on June 4. The dividend represents a payment of about $40 million. The dividend represents 60% of Thursday's stock closing price of $25.01. "Our shareholders have repeatedly pointed out the opportunity to unlock value on our balance sheet, create liquidity and return cash to shareholders," said Chief Executive Jacob Fisch. "In response to this and following the recent sale of our wholly-owned Hong Kong subsidiary Bright Rainbow Investments Limited, and underlying non-core assets, in Q1 this year, our board has approved this return of capital to our shareholders." The stock, which was still inactive in premarket trade, has rallied 42% year to date, while the S&P 500 has gained 2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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