Gilat Announces A $ 35 Million Dividend to Shareholders

Gilat Satellite Networks (Nasdaq and Tel Aviv Stock Exchange: GILT), a world leader in technology for satellite communications networks, solutions and services, announced today that the company’s board of directors has announced a dividend of 63 cents per share to shareholders (Cumulative total of approximately $ 35 million) following receipt of approval from the Dividend Court. The dividend will be paid in dollars on January 20, 2021, to shareholders who will be registered in the Company’s shareholders’ register on January 11, 2021. Together with a $ 20 million dividend distributed at the beginning of the month, the total dividends to be distributed to shareholders amount to 55 $ 1 million, or 99 cents a share. In addition, Gilat reports that the company’s interim CFO, Basmat Halpern, has been appointed Gilat’s permanent CFO.

“I am pleased to receive the court’s approval for the distribution of this significant dividend to our shareholders,” said Adi Tzafdia, CEO of Gilat. “After this division, the company still has a very significant amount of cash, in addition to real estate assets, which will allow it to realize possible opportunities that we are examining,” Mr. Tzafdia added.

I would also like to take this opportunity to congratulate Gilat‘s interim CFO, Basmat Halpern, on her appointment as the Company’s Permanent CFO. I am confident in her abilities to contribute her rich experience in navigating Gilat to success in 2021. ” Mr. Tzafdia concluded.

The company will deduct tax at source from the amount to be paid as a dividend according to the tax laws in Israel. The company has submitted an application to the Israeli Tax Authority for a decision regarding the dividend and will announce the main points of the decision upon its adoption.