Barranquilla-based window and glassmaker Tecnoglass, Inc. announced earlier this month that it will issue a quarterly dividend of $0.125 per share for the first quarter of 2017. The dividend will be payable on April 28 to all “shareholders of record” at the close of business on March 31, according to the company.
The dividend will be paid in cash or ordinary shares, two options that shareholders can chose during the election period that will last from March 31 through April 21 at 5:00 p.m. (Eastern Time). The default will be a dividend payment in ordinary shares if no choice is made.
In valuing the share payments, Tecnoglass will use a three-day average. “The value of the ordinary shares to be used to calculate the number of shares to be issued with respect to that portion of the dividend payable in ordinary shares shall be the average of the closing price of the company’s ordinary shares on NASDAQ during the three-day period from April 19, 2017 through April 21, 2017,” said Tecnoglass in a statement.