elecommunications Specialist, TeleMasters has declared a 4c per share capital repayment to shareholders for the third quarter of 2009, ending 30 June 2009.
“The payment is in line with our ongoing strong performance, even in a recessionary market context,” says Mario Pretorious, TeleMasters CEO. “I believe the ability to continue rewarding shareholders offers strong testament to the validity of our aggressive recession strategy, which continues to bear fruit.”
TeleMasters responded to the global downturn by putting in place a powerful incentivisation programme across its internal structures. In combination with the company's ongoing focus on maintaining a cash positive, largely debt free position, the move has clearly paid off – TeleMasters has posted strong results throughout the downturn.
The 4c payment will be made from TeleMasters' share capital, following a special resolution passed by shareholders at the Annual General Meeting held on 1 April 2009.
"This approach allows the company to reduce its share premium entry, which negates the STC obligations, saving the company approximately R600 000 per year,” says Pretorius. “The move is in line with our focus on ensuring we're in a healthy cash position and are operationally lean and prepared to keep on growing.
“We continue to deliver excellent sales,” he adds. “Our new chairman, Stephen van der Merwe, is settling in well and has identified untapped market opportunities, thanks to his vast experience in the cellular industry. We look forward to working with him to exploit these opportunities moving forward.”