Company confirms existing corporate strategy and reintroduces dividend policy
MIDRAND, South Africa--(BUSINESS WIRE)--MiX Telematics Limited, a leading global provider of fleet and mobile
asset management solutions delivered as Software-as-a-Service to
customers in over 120 countries, today announced that its Board of
Directors has concluded its previously announced review of the Company's
strategic alternatives.
This extensive review, conducted with guidance from external advisors,
included the optimization of capital structures and an evaluation of
various ownership options, with the latter resulting in significant
interest from prospective buyers. At the completion of the process, the
Board of Directors concluded that continuing to execute on the Company’s
strategic growth plans was the best path to maximizing long term
shareholder value.
The business has a track record of generating strong cash flow, and is
committed to maintaining sufficient cash resources to take advantage of
any acquisition opportunities. In light of MiX Telematics’ healthy
balance sheet and strong cash flows, the Board has decided to
reintroduce the company’s policy of paying regular dividends which going
forward will be considered on a quarter-by-quarter basis. Furthermore,
the board has declared the following dividends:
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In respect of the 2015 fiscal year which ended on March 31, 2015, a
dividend of 8 South African cents per ordinary share to be paid on
September 18, 2015.
-
In respect of the 1st quarter of fiscal year 2016 which
ended on June, 30 2015, a dividend of 2 South African cents per
ordinary share to be paid on September 18, 2015.
“Our in-depth strategic review reaffirmed our belief that the best path
to maximize shareholder value is to continue executing against the
company’s strategic plan, which has been proven to deliver a combination
of solid growth, profitability and cash flow,” said Stefan Joselowitz,
President and CEO. “As we look ahead, we believe the Company’s
differentiated ability to deliver compelling fleet management and asset
tracking solutions on a global basis will continue to drive strong
performance and market share gains.”
Withdrawal of Cautionary Announcement
Shareholders are advised that the review of strategic alternatives has
been completed and therefore the cautionary announcement (dated March 5,
2015, renewed on April 20, 2015, June 3, 2015 and July 16, 2015) has
been withdrawn. Shareholders no longer need to exercise caution when
dealing in the company’s securities.
About MiX Telematics Limited
MiX Telematics is a leading global provider of fleet and mobile asset
management solutions delivered as Software-as-a-Service to customers in
more than 120 countries. The Company’s products and services provide
enterprise fleets, small fleets and consumers with solutions for safety,
efficiency, risk and security. MiX Telematics was founded in 1996 and
has offices in South Africa, the United Kingdom, the United States,
Uganda, Brazil, Australia and the United Arab Emirates as well as a
network of more than 130 fleet partners worldwide. MiX Telematics shares
are publicly traded on the Johannesburg Stock Exchange (JSE:MIX) and MiX
Telematics American Depositary Shares are listed on the New York Stock
Exchange (NYSE:MIXT). For more information visit www.mixtelematics.com.
Forward Looking Statements
This press release includes certain “forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995,
including without limitation, statements concerning our ability to
execute on our strategic plan and our future growth, profitability and
cash flow, as well as our ability to grow our market share. These
forward-looking statements reflect our current views about our plans,
intentions, expectations, strategies and prospects, which are based on
the information currently available to us and on assumptions we have
made. Actual results may differ materially from those described in the
forward-looking statements and will be affected by a variety of risks
and factors that are beyond our control including, without limitation,
those described under the caption “Risk Factors” in the Company’s Annual
Report on Form 20-F filed with the Securities and Exchange Commission
(the "SEC") for the fiscal year ended March 31, 2015, as updated by
other reports that the Company files with or furnishes to the SEC. The
Company assumes no obligation to update any forward-looking statements
contained in this press release as a result of new information, future
events or otherwise.
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