Tix Corporation suspends dividend
Tix Corporation (TIXC) will cancel its quarterly dividend payments.
Tix Corporation, a leading provider of discount ticketing services, today announced its Board of Directors has voted to suspend the quarterly dividend on the Company’s common stock due to the continued difficult operating environment in Las Vegas and to preserve capital.
Under the terms of the Stockholder Rights Agreement, as summarized below, the Board also approved the request by Mitch Francis, the CEO of the Company, to purchase up to two million shares of the Company’s common stock at such times and at such prices that Mr. Francis may determine in his discretion.
Tix initiated its quarterly dividend in 2015 and raised its payout by 10 percent to $0.055 per share in early 2016. After nine quarterly payments the company now suspends its dividend. Today the stock touched a new low following the announcement. Prior to today's announcement the indicated dividend yield had ballooned to 33,9%.
Tix Corporation provides discount ticketing services. It currently operates ten discount ticket stores in Las Vegas under its Tix4Tonight marquee, which offers up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining. Tix4Tonight also serves as the Official Las Vegas Guest Services Partner for Expedia and its other brands. The co-branded Expedia Local Expert service provides both pre-arrival concierge-type services and in-market concierge-type desk services and related customer service support at physical locations in Las Vegas, featuring Tix4Tonight's inventory of discount show and attraction tickets, along with discount dining reservations.
Tix Corporation, a leading provider of discount ticketing services, today announced its Board of Directors has voted to suspend the quarterly dividend on the Company’s common stock due to the continued difficult operating environment in Las Vegas and to preserve capital.
Under the terms of the Stockholder Rights Agreement, as summarized below, the Board also approved the request by Mitch Francis, the CEO of the Company, to purchase up to two million shares of the Company’s common stock at such times and at such prices that Mr. Francis may determine in his discretion.
Tix initiated its quarterly dividend in 2015 and raised its payout by 10 percent to $0.055 per share in early 2016. After nine quarterly payments the company now suspends its dividend. Today the stock touched a new low following the announcement. Prior to today's announcement the indicated dividend yield had ballooned to 33,9%.
Tix Corporation provides discount ticketing services. It currently operates ten discount ticket stores in Las Vegas under its Tix4Tonight marquee, which offers up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining. Tix4Tonight also serves as the Official Las Vegas Guest Services Partner for Expedia and its other brands. The co-branded Expedia Local Expert service provides both pre-arrival concierge-type services and in-market concierge-type desk services and related customer service support at physical locations in Las Vegas, featuring Tix4Tonight's inventory of discount show and attraction tickets, along with discount dining reservations.
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