Israel’s Formula Systems, a provider of software consulting services, computer-based business solutions and proprietary software products, announced that its Board of Directors has declared a cash dividend in the amount of US $0.535 per share and in the aggregate amount of approximately US $7.9 million.
Based in Or Yehuda and founded in 1985, Formula Systems Ltd. is a global information technology company principally engaged, through its public company subsidiaries Matrix, Sapiens International and Magic Software, in providing software consulting services, developing proprietary software products, and providing computer-based business solutions.
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The dividend will be payable on February 4, 2015 to all of the Company’s shareholders of record at the close of trading on the NASDAQ Global Select Market –or the Tel-Aviv Stock Exchange, as appropriate — on January 19, 2015.
In accordance with Israeli tax law, the dividend is subject to withholding at source at the rate of 30% (if the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company’s share capital) or 25% (for all other dividend recipients) of the dividend amount payable to each shareholder of record, subject to applicable exemptions.
The dividend will be paid in US dollars with respect to the ordinary shares of Formula Systems traded on the Tel Aviv Stock Exchange and the American Depositary Receipts of Formula Systems traded on the NASDAQ Global Select Market.