- To define the policy and procedures of the LTE in relation to the calculation, declaration and settlement of Dividends and the determination of the form and time periods within which Dividends are paid.
- To ensure that the LTE has sufficient distributable profits and/or general reserves, as determined by a review of audited financial statements, prior to any declaration and/or payment of Dividends.
- To create a transparent and methodological Dividend Policy, adherence to which will be required on an annual basis, with any deviations clearly identified and promptly communicated to contributors.
LTE will not declare any Dividend(s) where:
- There are reasonable grounds for believing that LTE is or would be, after a Dividend payment, unable to pay its liabilities or discharge its obligations as and when they become due.
- Pursuant to Dividend decision date, LTE is insolvent or bankrupt in accordance with the provisions of insolvency or bankruptcy law, or where, as a result of paying Dividends, LTE would be rendered insolvent or bankrupt;
- Prior to the Dividend decision date, the net asset value of LTE is less than its available capital and reserves.
- There is any other case set forth by any applicable law.
Distribution of Dividends
- Dividends shall be paid out of the Company’s distributable profits and/or general reserves, and shall be allocated among Contributors on a pro rata basis according to the number of each LTE token held.
- The amount of Dividends is determined upon recommendation of the management of LTE and may not exceed the amount so recommended.
- Dividends will be paid to Token holders of record who have held their tokens for at least 10 days in aggregate within the 90 day period preceding the relevant Payment Date
- The Payment Dates will be 30 June and 30 December in each calendar year. There will be no dividend payments in 2018
- Dividend payments will be made by way of LTE tokens held in reserve for such purpose.