Inteliquent's (IQNT:Quote) board has declared a special one-time cash dividend of $3.00 per share, or about $97 million in the aggregate, which would be funded with available cash on hand.
Additionally, Inteliquent said it is engaged in ongoing talks with one of its largest customers that may result in a significant reduction in the rates that the customer pays to the company and require the company to pay to terminate certain traffic to that customer.
The payment date for the special one-time cash dividend is October 30, 2012. At $3.00 per share, the dividend represents nearly 33% of the company's closing stock price on October 3, 2012. As per NASDAQ rules, when a dividend is declared in a per share amount that exceeds 25% of a company's stock price, the date on which that company's shares would begin to trade without the dividend, or ex-dividend, is the first business day following the payable date. The company understands from NASDAQ that, because the dividend is expected to exceed 25% of its share price, NASDAQ would apply this rule, and the company expects that the ex-dividend date as set by NASDAQ would be October 31, 2012, the first business day following the payable date for the dividend.
The record date for the special one-time cash dividend is the close of business on October 16, 2012.
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