If you can see this message, your browser does not support canvas and needs an update. Sorry. :(
Sunday, July 23, 2017 
Market Status: CLOSE
About us and Governance Investor Relations Contact
Advanced search

Market News


SIF MUNTENIA S.A. - SIF4

Net profit allocation proposal for 2016

Release Date: 3/14/2017 11:23:31 AM

IRIS Code: 1BFEA

SIF MUNTENIA SA

 

ITEM 2 ON THE AGENDA

Shareholders General Ordinary Meeting of SIF MUNTENIA SA as of 26/27 April 2017

 

Proposal on net profit allocation

 

After analyzing the 2016 activity, the prospects of the economic environment and potential directions of development of SIF Muntenia, SAI Muntenia Invest, SIF Muntenia’s Administrator, proposes and submits to shareholders’ approval and proposes two options of allocation of the net profit.

 

OPTION 1 – DISTRIBUTION OF DIVIDENDS

Granting a gross dividend of 0.04 lei per share

The managing company’s proposal allows both providing investors a competitive dividend yield received by investors in SIF Muntenia shares and ensures resources for a further sustainable growth of SIF Muntenia.

 

 

31.12.2016

Total profit to be allocated, lei

50,386,184

Other reserves, representing own sources of development, lei

18,104,723

Total gross dividends to be distributed, lei

32,281,461

Gross dividends per share, lei

0.0400

Quota of dividend allocation, %

64.07

                                                                                                                                      

Gross dividend yield to closing price of SIF Muntenia share

6.10%

Gross dividend yield to the 2016 annual average trading value of SIF Muntenia share

6.55%

 

Approval of 12.09.2017 as record date, according to Art. 238 para. 1 of Law no. 297/2004.

Approval of 28 September 2017 as dividend payment date. The distribution of dividends to shareholders will be made in accordance with the legal provisions and the payment related costs will be borne by the shareholders from the net dividend value.

 

 

OPTION 2- SHARES BUYBACK

The purpose of the proposal presented below is to increase shares value and reduce the discount at which the shares of SIF Muntenia are traded on the BSE.

 

 

31.12.2016

Total profit to be allocated, lei

50,386,184

Other reserves, representing own sources of development, lei

12,535,063

Reserve fund for shares buyback, lei

37,851,121

Quota of buyback allocation, %

75.12

It is proposed to buyback a maximum number of 27,036,515 shares, representing 3.35% of the shares issued by SIF Muntenia.
The source for the presented
buyback program is the profit to be allocated by the company recorded in the financial statements approved by the SGOM (art. 103, index 1, para. 1) d) of Law no. 31/1990 on trading companies).    
The purpose of the
buyback program is to reduce the share capital through cancellation of redeemed shares.           
The proposed minimum price per share is 0.6 lei.    
The proposed maximum price per share is 1.4 lei.               
The program duration is 12 months from the date of publishing the decision in the Official Gazette.

 

If this option of profit allocation will be approved by the SGM, SIF Muntenia’s Administrator will convene and hold an extraordinary general meeting of shareholders which will decide on implementing the shares buyback program and corresponding reduction of SIF Muntenia share capital with the number of boughtback shares after its completion.

 

 

 

SIF MUNTENIA                                                                                                                                                              

represented by it's Asset Management Company

SAI MUNTENIA INVEST SA

 

President of the Board of Directors,

Florica Trandafir

 

 



 Print

Information provided by IRIS, the news platform of the Bucharest Stock Exchange.

______________________

Bucharest Stock Exchange ("BVB") is not responsible for the content of this News item. Issuers whose financial instruments are traded on markets operated by BVB are required to report in accordance with current legal and regulatory provisions. BVB publishes these Reports as market administrator, appointed by ASF. When, for investors’ information, Reports are published, either signed by different persons, or with conflicting information, legal liability lies fully with the signatories. BVB disclaims any obligation or responsibility towards issuers or third parties, regarding the reality, completeness and accuracy of information provided by them and distributed by BVB. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.


©2016 Bucharest Stock Exchange. All rights reserved