Pursuant to Rule 13a-16 or 15d-16 of the
1069 - 300 Lisboa, Portugal
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____
| RELEASE |  |
Portugal Telecom Announces
Shareholder
Remuneration Proposal for 2004
Lisbon, Portugal, 14 September 2004 – Portugal Telecom (PT) announced today that its Management will propose to the Board of Directors the submission for shareholders’ approval at the next AGM, the payment of a cash dividend for the year ending 31 December 2004 of Euro 0.35 per share, subject to market conditions and PT’s financial conditions at that time. The dividend of Euro 0.35 per share for fiscal year 2004 is equivalent to an increase of around 60% over the level of the 2003 dividend.
In addition, PT’s management will propose a further share buyback of up to 3.0% of its share capital (after cancellation of the treasury shares acquired under the current share buyback programme), which, subject to market conditions and to PT’s financial condition, should be completed by the end of 2005.
PT reinforces its commitment to continue delivering compelling returns to its shareholders, while retaining financial flexibility to continue investing in its core markets and maintaining its competitive position.
This information is also available on PT’s IR website http://ir.telecom.pt.
| Contact: | Nuno Prego, Investor Relations Director |
| nuno.prego@telecom.pt | |
| Portugal Telecom | |
| Tel.: +351 21 500 1701 | |
| Fax: +351 21 355 6623 |
This release contains forward-looking statements. Such statements are not statements of historical fact, and reflect goals of the company's management. The words "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," “predicts,” "projects" and "targets" and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties. Accordingly, the results of operations of the company to be achieved may be different from the company's current goals and the reader should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date they are made, and the company does not undertake any obligation to update them in light of new information or future developments.
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PORTUGAL TELECOM, SGPS, S.A.
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| By: |
/S/
Nuno Prego
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Nuno Prego
Investor Relations Director
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.