Orco holds AGM today, starting at 14:00 CET. Agenda includes among other issues approval of financials for FY2006 and dividend proposal of EUR 1 per share. Today is also dividend record day.
Separately, Berlin Parliament should vote on GSG sale to JV formed by
Orco and Morgan
Stanley today as Berlin Senate approved the sale on 20 March 2007. Should the deal is approved there will be one more hurdle from merger control clearance to be cleared.
Our view:
Dividend proposal of EUR 1 per share, implies 0.8% dividend yield and 8.7% payout ratio. Note that stock trades already ex-dividend on PSE (under T+3 settlement standard), while still cum-dividend on
Euronext as trade date standard applies there.