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Clever shareholders approve capital return

Clever shareholders approve capital return

Shareholders in telecom operator Clever Communications (ASX:CVA) have overwhelmingly approved a motion to return up to $7.2 million in capital to investors.

At the company's AGM, eligible voters chose by a margin of 79 million votes to 60,000 to pass the motion to pay each shareholder $0.06 per share.

The proceeds had been raised following the sale of Clever's non-core off-net business.

The capital return will be conducted in two tranches, with the first payment of $0.04 per share due shortly. The remaining tranche of up to $0.02 per share to be paid by no later than December 31.

CVA shares are currently trading at $0.120.

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