Tyco Electronics Recommends Quarterly Dividends of $0.16 for First and Second Quarters of Fiscal 2010
SCHAFFHAUSEN, Switzerland, July 29, 2009 - Tyco Electronics Ltd. (NYSE: TEL) today announced that the company's Board of Directors will recommend to shareholders a dividend of $0.16 per share in the form of a capital reduction for the first and second quarters of fiscal 2010.
"Our strong cash flow and solid balance sheet enable us to continue our quarterly dividend of $0.16 per share," said Tyco Electronics Chief Executive Officer Tom Lynch. "This is consistent with our key priorities: investing for organic growth, maintaining our investment grade credit ratings, pursuing acquisitions that leverage our business platform, and returning excess capital to shareholders through a combination of dividends and share repurchases."
Shareholders will be asked to vote in favor of the capital reduction proposal at a special general meeting of shareholders scheduled to be held on October 8, 2009 in Zurich, Switzerland. The company has set August 24, 2009 as the record date for the meeting. However, each shareholder of record who becomes such on or before September 21, 2009 and has not sold those shares prior to September 21, 2009 may also attend and vote those shares at the meeting. The deadline for the submission of shareholder proposals for the special general meeting is discussed in a Form 8-K filed by the company today with the U.S. Securities and Exchange Commission (SEC). Full details of the capital reduction proposal will be provided in the company's proxy statement for the meeting, which is expected to be filed with the SEC as soon as practicable. Shareholders are urged to read the proxy statement when it becomes available because it will contain important information. The proxy statement will be, and other documents filed or to be filed by the company with the SEC are, or will be, available free of charge at the SEC's website (www.sec.gov) and at the company's website (www.tycoelectronics.com).
The company also announced that the $0.16 per share quarterly dividend for the fourth fiscal quarter of 2009, approved by shareholders in the form of a capital reduction at the company's Special General Meeting of shareholders held on June 22, 2009, will be payable on September 21, 2009 to shareholders of record at the close of business on September 11, 2009, subject to a required filing with the Swiss Commercial Register.
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