Avast plc (LON:AVST) Board of Directors have declared a conditional interim dividend of 4.8 cents per share. The interim dividend is conditional on the recommended merger announced on 10 August 2021 between the Company and NortonLifeLock Inc., not having become effective before 11 August 2022.
The Merger is proposed to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act, and is subject to the terms and conditions set out in the scheme document that was published on 28 October 2021.
Pursuant to the terms of the Scheme and the Co-operation Agreement dated 10 August 2021 entered into between, amongst others, NortonLifeLock and the Company, the Company is permitted to declare and pay an interim dividend of 4.8 cents per share for the six-month period ending 30 June 2022, if the Merger has not become effective before 11 August 2022. Any such dividend will not result in a commensurate downward adjustment to the value of NortonLifeLock’s offer.
The Conditional Interim Dividend will be paid in US dollars on 12 August 2022 to shareholders on the register as of 22 July 2022. There will be an option for shareholders to elect to receive the dividend in pounds sterling and such an election should be made no later than 29 July 2022. In accordance with the terms of the Scheme and the Co-operation Agreement, the Conditional Interim Dividend will not be payable if the Scheme becomes effective before 11 August 2022.
Further details regarding the currency election process and payment of the dividend can be found on the Company’s website at https://investors.avast.com/investors/shareholder-information/dividend-information/. Further information regarding the Company’s ability to make future interim and final dividends is set out in the Scheme Document. The foreign exchange rate at which dividends declared in US dollars will be converted into pounds sterling will be calculated based on the average exchange rate over the five business days prior to 2 August 2022 and announced shortly thereafter.
Conditional Interim Dividend Timetable
Ex-dividend Date: 21 July 2022
Record Date: 22 July 2022
Last Date for Currency Election: 29 July 2022
Payment: 12 August 2022
