D&L Industries Declares 100% Stock Dividend

Quezon City—(PHStocks)—D&L Industries Inc. (PSE: DNL) will distribute 100% stock as dividends to shareholders with a record date of 20 August 2015 and payment date of 17 September 2015.

Each holder of common stock on the record date is entitled to receive shares on a one-for-one basis. The 100% stock dividends amounting to PhP3,571,428,995 will be taken from the company’s unrestricted retained earnings for the period ended 31 March 2015.

As D&L Industries recently disclosed, the Securities and Exchange Commission (SEC) has approved the company’s increase in authorized capitalization to PhP18 billion from PhP4 billion, allowing the issuance of a 100% stock dividend.

In addition to the reduction of retained earnings, the increase in capitalization and issuance of stock dividends resulted in the increase in issued and outstanding shares from 3.57 billion shares to 7.14 billion shares. There was no change to equity.

The company paid last July 8 a regular cash dividend of PhP0.15 per share, or a total of PhP536 million, to shareholders of record at the close of business on 30 June. This year’s dividend payment, excluding the special dividend of 100% stock, will bring the total cash returned to shareholders to PhP1.79 billion since the Company listed on 12 December 2012.

The company, through its dividend policy, is committed to returning to shareholders 25% of prior year’s net income via dividends, with an option to declare special dividends.