Shareholders to maintain quarterly dividend of $0.10 per share, says ST

STMicroelectronics has announced that all the proposed resolutions were adopted at the Company’s Extraordinary General Meeting of Shareholders (the “EGM”), which was held in the Netherlands, on December 2, 2013.
 
The resolutions, proposed by the Supervisory Board included the distribution, in line with the Distribution Policy of the Company, of a cash dividend of US$0.10 per common share for each of the fourth quarter of 2013 and first quarter of 2014, to be paid in December 2013 and March 2014, respectively, to shareholders of record in the month of each quarterly payment.

The amount of the fourth quarter of 2013 and first quarter of 2014 cash dividend is stable with respect to the previous quarterly dividend distribution and equals a 5.1% annualized yield on the Company's share price at closing on November 29, 2013 on the NYSE.

“Today’s decision by ST’s shareholders, to maintain a quarterly dividend of $0.10 per share, reflects the certainty now on the execution of our exit from ST-Ericsson as well as ST’s confidence on combined future cash flow and solid capital structure. The 5.1% yield on the current share price is well deserved by our shareholders who accompanied ST through this year of transition,” said Carlo Bozotti, President & CEO, STMicroelectronics.

Moreover, an amendment of the Articles of Association of the company authorizing the Supervisory Board, in addition to the General Meeting of Shareholders, to resolve upon the distribution of quarterly dividends from the reserves of the Company was also included in the resolution.