Gravitas Education announces $11.26-$12.17 special cash dividend

Gravitas Education announced that the company’s board of directors approved a special cash dividend in an amount ranging from $11.26 to $12.17 per American Depositary Share, or ADS, or from 56.28c to 60.85c per ordinary share. The aggregate amount of cash dividends to be paid ranges from $16M to US$17.3M, which will be funded by cash on the company’s balance sheet. The payment of the special dividend is conditional upon the closing, and the exact amount of such special dividend is to be determined and separately announced. Following payment of the special dividend and after the previously announced divestiture of GEHI‘s PRC education business, the net cash of the company will be no less than $15M at the closing.