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Cashing up at Next Media
If Next Media (0282) completes the sale of its Taiwan units, it will have a profitable HK business and net cash of about HK$4.4bn with no use for it. Rather than drag shareholders into a new business as City Telecom (1137) has done, we expect Next to do the right thing and distribute the proceeds in a special dividend. The potential payout is $1.79 per share, and majority shareholder Jimmy Lai will get 74% of that to use as he pleases.