In this connection, the Board of Directors approved today the declaration of cash dividends in the amount of P0.70 per share from the proceeds of the asset sale and the unrestricted retained earnings. The record date for stockholders entitled to receive the dividends is 19 June 2012.
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Update on sale of equity interest in IP Converge Data Services, Inc.; cash dividend declaration
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In relation to the 15 May 2012 approval of the Board of Directors of the sale of all of IP Converge Data Center, Inc. (the "Corporation")'s equity interest in its wholly-owned subsidiary, IP Converge Data Services, Inc.("IPCDS1") to its parent company, IP Ventures, Inc. ("IPVI"), the Corporation reported the execution of an Agreement with IPVI for the sale of IPCDSI at a selling price equivalent to the net book value of the subsidiary, or for a total consideration of Two Hundred Twenty One Million Pesos (P221,000,000.00). The Corporation also reported unrestricted retained earnings of One Hundred Fifty Five Million Three Hundred Six Thousand Six Hundred Sixty Eight Pesos and 30/100 (Php155,306,668.30).
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