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SIF BANAT CRISANA S.A. - SIF1

The Board of Directors proposal on profit appropriation

Release Date: 3/23/2020 6:00:08 PM

IRIS Code: 0FD74

ANNOUNCEMENT

The Board of Directors’ proposal on profit appropriation

 

 March 23, 2020, Arad | The Board of Directors submits for the approval of the Ordinary General Meeting of Shareholders the appropriation of net profit achieved in the year 2019, in one of two options:

Option I:

Appropriation of the net profit of the financial year 2019, in the amount of RON 159,494,532 on the following destinations:

- Dividends RON 25,727,118 representing a gross dividend of RON 0.05 /share

Approval of the date of October 8, 2020 as the dividend payment date. The distribution of dividends to shareholders will be made in accordance with the legal provisions and the payment costs will be borne by the shareholders of the net dividend amount.

- Other reserves RON 133,767,414.

In case of the approval of this distribution of profit, it becomes obsolete and it is removed from the agenda of the EGM convened for April 27 (28), 2020, the proposal for the approval a buyback program for the reduction of company’s share capital (Program I), included on topic 3 of the agenda of the said meeting.

Option II:

Approval of appropriation of the entire net profit of the year 2019, in the amount of RON 159,494,532 to Other Reserves, to support a buyback program.

From its own financing sources as provided by law, the Company will conduct a buyback program for 15,000,000 shares, to reduce the share capital by the cancelation of the repurchased shares.

The buyback program will be conducted in accordance with the applicable legal provisions, having the following main characteristics:

- Minimum price per share: RON 0.1;

- Maximum price per share: RON 4.9665;

- Duration of the program: maximum 18 months from the date of publication of the resolution in the Official Gazette of Romania Part IV.

In case of the approval of this distribution of profit, it will be submitted for the approval of the EGM convened for April 27 (28), 2020 the resolution of topic 3 on the agenda of this general meeting regarding the execution of the buyback program for the reduction of company’s share capital (Program I).

  

Chairman and CEO, Bogdan-Alexandru DRAGOI

 

 



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