dividend declaredDividend declared, reorganization agreement on track. The recent pop in share price is more due to the latter.
From the company's May 27 SEC filing:
Dividend
The board of directors of the Company has declared a dividend payment of US$0.39 per share, representing an interim ordinary dividend for the year ended December 31, 2004. This dividend will be paid to members whose names appeared on the register of members of the Company on June 13, 2005. The payment date of this dividend will be June 24, 2005.
Reorganization Agreement
Subsequent to the execution of the Reorganization Agreement in April 2005, a number of steps have been taken by the parties thereto towards its implementation. For example, Yuchai's directors and shareholders have confirmed that the amendments to Yuchai's Articles of Association and corporate governance guidelines required to be adopted by Yuchai pursuant to the Reorganization Agreement have been ratified and implemented, and that steps are being taken to have such amendments and guidelines approved by the relevant Chinese authorities. Yuchai has also paid a consultancy fee of US$1.5 million to the Company, pursuant to Section 2.8 of the Reorganization Agreement, and commenced steps to rectify the disputed loan made to Yuchai Marketing Company Limited. In addition, the Company has been advised by Yuchai that Yuchai has appointed Credit Suisse First Boston as financial advisor to Yuchai to assist Yuchai with the implementation of the Reorganization Agreement.