China Mass Media announced that it will change the ratio of its ordinary shares to American depositary share, or ADSs, from 30:1 to 300:1, effective on Nov. 28. For the company's ADS holders, this ratio change will have the same effect as a one-for-ten ADS consolidation. Cash will be paid to ADS holders in lieu of any fractional ADSs entitlements resulting from the ratio change. There will be no change to China Mass Media's underlying ordinary shares. The company also declared a special cash dividend of $0.07667 per share on the company's ordinary shares. Shareholders of record as of the close of business on Dec. 9 will be eligible to receive the special cash dividend. The distribution of the special dividend is conditional upon the approval of the relevant PRC foreign exchange administrative authorities. Each of the company's ADSs will represent 300 ordinary shares as of the record date for this special cash dividend. Citibank, N.A., the company's ADS depositary, will pay this dividend to the company's ADSs holders on Dec. 23.
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