Sinovac Biotech accelerates payment of $55 per share special cash dividend

The board of directors of Sinovac Biotech (SVA) announced what it said were “several important decisions to deliver sustainable value to shareholders and strengthen the company’s governance framework.” Sinovac said it accelerated payment of its previously announced special cash dividend of $55.00 per common share, decided to declare a second special cash dividend of $19.00 per common share, intends to declare a third special cash dividend between $20.00-$50.00 per common share and adopted a new dividend policy to regularly return cash to shareholders. “Currently, a dissenting investor group led by Advantech/Prime Success and Vivo Capital and certain former illegitimate board members are attempting to distract SINOVAC shareholders with lawsuits, false claims and empty promises as part of a hostile attempt to remove the SINOVAC Board – which was recently installed by the Privy Council order and in accordance with Antiguan law – with the goal to move SINOVAC backward and continue to entrench themselves. In contrast, the SINOVAC Board is taking clear actions to restore fairness and deliver value to ALL SINOVAC shareholders,” the company added.