At the General Meeting of Shareholders of Stara Planina Hold, held on 16.05.2019, the following decisions have been taken.
- Adopt the company Activity Report for 2018. Adopt the 2018 Annual financial statement verified by independent auditor.
- Decision about profits distribution:
- Gross dividend: BGN 5,042,746.60
- BGN 0.24210527 per share.
- Net dividend: BGN 0.23 per share.
- Dividends will be paid out as from 10.07.2019 for a period of three months.
- The right on dividend will be entitled to all shareholders registered with the Central Depository AD up to 14 days after the GMS date i.e. by 30.05.2019.
- Exemption from liability of the members of the management bodies for their activity in 2018.
- GMS elects the certified chartered auditor of the company for 2019 Audit Company 'Dinev Odit' Ltd.
Stara Planina Hold has been paying dividend each year since its establishment.
The total amount of dividend distributed to shareholders of Stara Planina Hold until now has BGN 26.0 million. The initial investment in the holding company has a dividend cover of 14.9 times.
The public companies from Stara Planina Hold Group - M + S Hydraulic, Hydraulic Elements & Systems, Elhim-Iskra and Bulgarian Rose have a policy of regular dividend payments. The total cash flow by dividends expected to be collected in Stara Planina Hold this year amounted to 7.0 million BGN.
Total dividend for the 22 anniversary of the group of Stara Planina Hold is 148.5 million BGN.
The General Meeting of Shareholders adopted amendments to the Company's Articles of Association, re-elected the members of the Board of Directors for a new five-year term and decided to buyback their own shares. These decisions are subject to entry in the Commercial Register.
- Bbuyback conditions:
- The General Meeting of Stara Planina Hold Plc, on the grounds of Art.187 (b) of the Commerce Act and Art. 111, paragraph 5 от POSA, shall resolve on the buyback of company stock under the following conditions:
Maximum number of shares subject to buyback – up to 3% of the total number of shares issued by the company;
Buyback time frame – not exceeding 5 years.
- The General Meeting shall authorize the Board of Directors to set the specific starting and ending dates of the buyback. Where within the specific time period as defined by the Board of Directors the maximum amount of shares has not been repurchased, the General Meeting shall authorize the Board of Directors to, at the Board's discretion, extend that time period.
Buyback price: minimum price: BGN 5.00; maximum price: BGN 7.00.
- Authorizes the Board of Directors to select a licensed investment broker through whom the buyback shall be conducted.
- Assigns to the Board of Directors the task of determining all other specific buyback parameters and the performance of all necessary legal and factual acts on the implementation of the resolutions of the General Meeting on the above points.
- This resolution of the General Meeting shall be entered in the Trade Register pursuant to Art. 187 (b), paragraph 2 of the Commerce Act.
- On the ground of Art. 111, paragraph 6 of POSA, the Board of Directors shall notify the FSC about the number of own shares to be repurchased and about the investment broker commissioned with the buyback order. The notification shall be given not later than the end of the business preceding the day of the buyback.
- Authorizes the Board of Directors to dispose of the repurchased own stock upon completion of the buyback.