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Dalian Port (2880) seeks shareholders' approval to destroy value
Company announcement, 24-Mar-2016
The announcement, filed in mark-up form, proposes an issue of 3 so-called "Dividend Bonus Shares" for every 10 held, by capitalising retained earnings. It doesn't disclose that for most H-shareholders, there will be a witholding tax of 10% on par value, costing holders $0.03 per existing share, deducted from the cash dividend of $0.075, increasing the effective tax on that from 10% to 50%. DP says this is "a return to the long-term support and care of the Shareholders". That's false and misleading. Even without the tax, bonus shares do not provide an additional return.
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