YEHUD, Israel, Dec. 21, 2020 /PRNewswire/ -- Magal Security
Systems, Ltd. (NASDAQ: MAGS) today issued a clarification
with respect to its announced cash distribution of
$1.079 per share
(approximately $25 million in the aggregate) payable in
US$ on December 28, 2020 to shareholders of record
on December 17, 2020. According to NASDAQ, the
ex-dividend date for NASDAQ trading will be December 29, 2020.
Nasdaq Rule 11140(b)(2) provides that if the value of a cash
distribution is 25% or greater than the value of the subject
security, the ex- dividend date will be the first business day
after the payable date. On December 29,
2020, the ex-dividend date, NASDAQ will reset the opening
trading price of Magal's ordinary shares to reflect the payment of
the cash distribution. While an investor generally needs to own the
shares on the payable date to be entitled to the cash distribution,
investors should consult with their financial advisors as to their
entitlement to the cash distribution. The trading price for Magal's
ordinary shares on the ex-dividend date is expected to be
lower than the closing price on December 28, 2020, the last trading date before
the ex-dividend date, to reflect the amount of the cash
distribution. On and after the ex-dividend date, purchasers of
Magal's ordinary shares will have no right to receive the cash
distribution with respect to those newly purchased ordinary
shares.
About Magal Security Systems Ltd.
Magal is a leading international provider of comprehensive
physical, video and access control security products and solutions,
as well as site management. Over the past 45 years, Magal has
delivered its products as well as tailor-made security solutions
and turnkey projects to hundreds of satisfied customers in over 80
countries under some of the most challenging conditions. Magal
offers comprehensive integrated solutions for critical sites,
managed by Fortis – our cutting-edge physical security information
management system (PSIM). The solutions leverage our broad
portfolio of home-grown PIDS (Perimeter Intrusion Detection
Systems), Symphony – our advanced VMS (Video Management Software)
with native IVA (Intelligent Video Analytics) security
solutions.
Forward Looking Statements
This press release contains forward-looking statements, which
are subject to risks and uncertainties. Such statements are based
on assumptions and expectations which may not be realized and are
inherently subject to risks and uncertainties, many of which cannot
be predicted with accuracy and some of which might not even be
anticipated. Future events and actual results, financial and
otherwise, may differ from the results discussed in the
forward-looking statements. A number of these risks and other
factors that might cause differences, some of which could be
material, along with additional discussion of forward-looking
statements, are set forth in the Company's Annual Report on Form
20-F filed with the Securities and Exchange Commission. In
addition, there is uncertainty about the impact of the spread of
the COVID19 virus and its effect on the Company's operations, the
demand for Company's products, global supply chains and economic
activity in general.
For more information:
Magal Security Systems Ltd.
Diane Hill
+972-3-539-1421
dianeh@magal-s3.com
www.magalsecurity.com
IR Contact:
Brett Maas
Managing Partner
Hayden IR
+1-646-536-7331
Brett@HaydenIR.com
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SOURCE Magal Security Systems Ltd