insane dividends

[wzebra33]

Shanda Games to pay special dividend; shares up»

Mon Nov 28, 2011 10:10am EST

* To pay $0.51 per class A and class B shares

* To pay $1.02 per ADS

Nov 28 (Reuters) - Chinese online games company Shanda Games Ltd announced a special cash dividend for shareholders, sending its shares up 11 percent.

The company said it will pay a one-time dividend of 51 cents a share, or $1.02 per American Depositary Share (ADS), aggregating to a total of $285 million.

It had cash and equivalents of around $583.9 million at the end of September.

Shanda Games, which is indirectly owned by soon-to-be-taken-private Shanda Interactive, will pay the one-time dividend to shareholders of record on December 20.

The company's Nasdaq-listed ADSs, which have lost almost 40 percent in value this year, were up 11 percent at $4.44 in early trade on Nasdaq.