PEGAS NONWOVENS SA announces its intention to make a dividend payment in the amount of EUR 9,690,870, i.e. 1.05 EUR per share.
On 15 May 2013, the Company's Board of Directors took the decision to propose a dividend payment in the amount of EUR 9,690,870, i.e. EUR 1.05 per share. The source of the dividend payout will be 2012 profit and retained earnings of previous years. The dividend payout is subject to approval at the Company's Annual General Meeting, which will be held in Luxembourg on 17 June 2013. The Board of Directors will propose to set the record date (i.e. the day at the end of which shares entitled to a dividend are registered at accounts of the entitled persons held by the settlement systems of Centrální depozitář cenných papírů, a.s., Krajowy Depozyt Papierów Wartościowych Spółka Akcyjna or by other systems) to 18 October 2013 and the dividend payment date to 29 October 2013.
"Over the past few years the Company has undergone significant development in the area of investments directed at expanding production capacities in the Czech Republic and building the new production plant in Egypt. We, therefore, must proceed with due care and diligence in the management of our financial resources so as to maintain reserves for potential unexpected events that could arise in the future. For this reason we do not consider the proposal of the Board of Directors to pay out a dividend in the same amount as last year to constitute a change in our dividend policy. Also in the
upcoming years, we would like to pay out at least the same dividend amount, while our objective will be to increase the absolute amount year on year. We believe that the proposed dividend in the amount of almost EUR 9.7 million, i.e. EUR 1.05 per share provides our shareholders with an attractive return on their investment," said František Řezáč, CEO and Member of the Board of PEGAS NONWOVENS SA.
Subject to maintaining satisfactory financial performance and the absence of other attractive opportunities, PEGAS will endeavour to continue with a progressive dividend policy. No specific payout ratio in terms of Net Profit or an anticipated dividend yield for future years has been set.
Source: Pegas Nonwovens regulatory announcement