What is the total cash dividend being paid out to shareholders?

Garmin declared a total cash dividend of $1.80 per share, which will be paid in four installments of $0.45 each. The dividend is being paid out of the company's general reserve from capital contribution.

When will the dividend payments be made?

The dividend will be paid in four installments: $0.45 on June 29, 2012; $0.45 on September 28, 2012; $0.45 on December 31, 2012; and $0.45 on March 29, 2013. Corresponding record dates are provided for each payment.

What other key decisions were made at the Annual General Meeting?

Shareholders approved the 2011 annual report, discharged the board and officers from liability for 2011, elected two directors, ratified the appointment of Ernst & Young as auditors, and approved executive compensation on an advisory basis.

Are broker non-votes counted differently in Garmin's shareholder votes?

Yes, under Swiss law, broker non-votes are treated the same as abstentions and are included with abstentions rather than being reported separately.

GRMN 8-K: Shareholder Matters

Summary

Garmin Ltd. (GRMN) filed an 8-K on June 1, 2012, primarily detailing the outcomes of its Annual General Meeting of Shareholders held on the same date. The key takeaway for investors is the approval of a significant cash dividend of $1.80 per share, to be paid in four installments throughout fiscal years 2012 and early 2013. This dividend distribution, sourced from the company's general reserve from capital contribution, signals confidence in the company's financial position and a commitment to returning value to shareholders.

Key Highlights

1Shareholders approved the 2011 Annual Report, including consolidated and statutory financial statements.
2The company's Board of Directors and executive officers were discharged from liability for the fiscal year 2011.
3Min H. Kao and Charles W. Peffer were re-elected as Class III directors for a three-year term.
4Ernst & Young LLP was ratified as Garmin's Independent Registered Public Accounting Firm for fiscal year 2012.
5A cash dividend of $1.80 per share, payable in four installments, was approved.
6An advisory resolution approving the compensation of Named Executive Officers was passed.
7The company clarified that under Swiss law, broker non-votes are treated as abstentions for voting purposes.

GARMIN LTD 8-K Report, Shareholder Vote Results (Jun 1, 2012)

Summary

Key Highlights

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