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TSMC Information -- TSMC currently has no plans to conduct a capital reduction
February 3, 2009 -- TSMC would like to correct the inaccuracies stated in a report by the Economic Daily News on February 3, 2009 regarding capital reduction.
1. The fundamental objective of a company is to create value for its shareholders through increases in the company’s share price and through distribution of cash dividends. It is not TSMC’s fundamental objective to simply return cash to shareholders.
2. TSMC has maintained a policy of stable and sustainable distribution of cash dividends in recent years. As we indicated in the Investors’ Conference on January 22nd, TSMC earned a profit of NT$3.83 per share last year, and plans to maintain a NT$3.00 cash dividend per common share this year.
3. TSMC has proposed that the government offer greater flexibility in regulations regarding cash dividends so that the Company can maintain its stable and sustainable dividend policy despite the impact of the current financial crisis and global economic recession.
4. A capital reduction is a one-off cash distribution to shareholders, which is not TSMC’s fundamental objective. In addition, trading suspension of a company’s shares during the process of capital reduction would negatively impact the market and shareholders. Therefore, TSMC currently has no plans to conduct a capital reduction.
1. The fundamental objective of a company is to create value for its shareholders through increases in the company’s share price and through distribution of cash dividends. It is not TSMC’s fundamental objective to simply return cash to shareholders.
2. TSMC has maintained a policy of stable and sustainable distribution of cash dividends in recent years. As we indicated in the Investors’ Conference on January 22nd, TSMC earned a profit of NT$3.83 per share last year, and plans to maintain a NT$3.00 cash dividend per common share this year.
3. TSMC has proposed that the government offer greater flexibility in regulations regarding cash dividends so that the Company can maintain its stable and sustainable dividend policy despite the impact of the current financial crisis and global economic recession.
4. A capital reduction is a one-off cash distribution to shareholders, which is not TSMC’s fundamental objective. In addition, trading suspension of a company’s shares during the process of capital reduction would negatively impact the market and shareholders. Therefore, TSMC currently has no plans to conduct a capital reduction.
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