Telecom Argentina Declares Dividends

Wireless News
04-13-2011
Telecom Argentina Declares Dividends
Type: News

Telecom Argentina, one of Argentina's telecommunications groups, announced that the Annual General Ordinary Shareholder's Meeting held approved a cash dividend distribution in the amount of P$ 915,474,310.

In a release dated April 7, the Company said the payment of the dividend will be made starting on April 19. The amount to be distributed is in the equivalent to P$0.93 per share or P$4.65 per ADR, prior to deductions for Personal Asset Tax obligations, as described below.
For ADR holders, the Record Date is April 18, and the Payment Date is April 27. Payment will be made through the Depositary Bank, JP Morgan Chase.

For non-ADR holders, the Record Date is also April 18, and the payment will be available as from April 19. For these shareholders, the payment will be made through Caja de Valores in Argentina.

The Company will deduct from this payment, the amount paid by the Company for the Personal Asset Tax (pursuant to the unnumbered section following section 25 of Law No. 23,966 and its amendments) for fiscal year 2010. Deductions for Personal Asset Tax payments will not apply to shareholders who did not own shares or ADRs on Dec. 31, 2010 or who have reimbursed the Company for such tax obligations.

Due to the time required to determine which non-ADR holders are subject to such tax, the effective date of the distribution of the dividends through Caja de Valores will be made within ten days after the payment date in accordance with the time period established in Article 90 of the Buenos Aires Stock Exchange Listing Rules.

Telecom is the parent company of a telecommunications group in Argentina, where it offers, either or through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission and Internet services, among other services. Additionally, through a controlled subsidiary, the Telecom Group offers cellular services in Paraguay.

Nortel Inversora holds 54.74 percent of Telecom's common stock. Nortel is a holding company whose common stock (approximately 68 percent of capital stock) is owned by Sofora Telecomunicaciones.

As of April 7, Telecom had 984,380,978 shares outstanding.

More information:

www.telecom.com.ar

www.personal.com.ar

www.personal.com.py

www.arnet.com.ar

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