OSLO,
Norway, June 14, 2023 /PRNewswire/ -- Opera
Limited (NASDAQ: OPRA) ("Opera"), one of the world's major browser
developers and a leading internet consumer brand, today announced
that its Board of Directors has adopted a recurring semi-annual
cash dividend program for holders of Opera's ordinary shares as
well as American Depositary Shares ("ADSs"), each representing two
ordinary shares.
Lin Song, Co-CEO, commented:
"Opera has a proven track record of driving profitable growth, and
we remain disciplined in generating healthy cash flows.
Establishing a regular, recurring dividend enables Opera to
continue sharing the benefits of a scaling business with its
shareholders."
Opera's first semi-annual dividend under the program will be
$0.40 per ADS. Payment will be made
to shareholders of record as of the close of business on
June 30, 2023 (the "Record Date").
Dividends to be paid to the holders of ADSs through the depositary
bank, The Bank of New York Mellon, will be subject to the terms of
the deposit agreement. The Company expects the depositary bank to
distribute dividends on or about July 12,
2023.
The aggregate amount of this initial dividend is approximately
$36 million, based on a total of 89.9
million ADS equivalents outstanding as of May 31, 2023. Opera's cash expense will, however,
be limited to approximately $11
million, which relates to holders of ADSs only. The
remaining $25 million that relates to
ordinary shares and would otherwise be payable to Opera's majority
shareholder, Kunlun Tech Limited ("Kunlun"), will be offset against
Opera's remaining $57.2 million
present value receivable from Kunlun following the sale of Opera's
former stake in Star Group Interactive Inc. ("StarX"). Future
dividend payments on Kunlun's ordinary shares in Opera will also be
offset until the StarX receivable with interest is fully
satisfied.
Opera intends to pay regular semi-annual dividends, with each
payment subject to the approval of Opera's Board of Directors. The
form, frequency and amount of future dividends will depend upon
Opera's future operations and earnings, capital requirements and
surplus, general financial condition, contractual restrictions and
other factors that Opera's Board of Directors may deem
relevant.
Safe Harbor Statement
This press release contains statements of a forward-looking
nature. These statements, including statements relating to the
Company's future financial and operating results, are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will," "may,"
"expect," "believe," "anticipate," "intend," "aim," "estimate,"
"intend," "seek," "plan," "potential," "continue," "ongoing,"
"target," "guidance," "is/are likely to," "future" and similar
statements. Among other things, management's quotations contain
forward-looking statements. The Company may also make
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company and the industry in
which it operates. Potential risks and uncertainties include, but
are not limited to, those relating to: the duration and development
of the conflict in Ukraine and
related economic sanctions, as well as resulting changes in
consumer behaviors; the outcome of regulatory processes or
litigation; the Company and its goals and strategies; expected
development and launch, and market acceptance, of products and
services; Company's expectations regarding demand for and market
acceptance of its brands, platforms and services; Company's
expectations regarding growth in its user base, user retention and
level of engagement; Company's ability to attract, retain and
monetize users; Company's ability to continue to develop new
technologies, products and services and/or upgrade its existing
technologies, products and services; quarterly variations in
Company's operating results caused by factors beyond its control;
and global macroeconomic conditions and their potential impact in
the markets in which the Company has business. All information
provided in this press release is as of the date hereof and is
based on assumptions that the Company believes to be reasonable as
of this date, and it undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by Opera is
included in the Company's filings with the SEC, including its
annual reports on Form 20-F.
About Opera
Opera is a global web innovator. Opera's browsers, gaming, Web3
and news products are the trusted choice of hundreds of millions of
users worldwide. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock
exchange (OPRA). Download the Opera browser from www.opera.com.
Learn more about Opera at investor.opera.com or on Twitter
@InvestorOpera.
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SOURCE Opera Limited