EUROCOMMERCIAL PROPERTIES N.V.
announces move to semi-annual dividend payments and share buyback programme
Eurocommercial Properties currently makes one dividend payment every year in November. The Company proposes making two dividend payments per year starting from the next financial year 2019/2020. This implies an interim dividend to be paid in April with a final dividend being paid in November.
The Company today also announces the start of a buyback programme of its depositary receipts for the purpose
of returning capital to its holders of depositary receipts. The programme will start on Friday 14 June and will cease on 30 September 2019, or as soon as € 20 million has been spent to buy back depositary receipts in the capital of the Company.
The objective of the buyback programme is to generate returns for the holders of depositary receipts. Given the prevailing stock price, the Company expects the buyback to be enhancing to earnings and net asset value.
The buyback will be funded by existing facilities and the Company will keep the repurchased depositary receipts in treasury. As the execution of this buyback programme will depend on market conditions, the intended amount of the programme may not be reached. The Board of Management of the Company is authorized to buy back depositary receipts based on the resolution adopted by the Annual General Meeting held on 6 November 2018.
The Company has engaged its Paying Agent, ABN AMRO Bank N.V., as an independent broker to execute the buyback programme on its behalf. The Paying Agent will act independently from the Company under the socalled Safe Harbour Regulation of the EU.
An update on transactions executed under the buyback programme will be published on a weekly basis by means of a press release and on the Company’s website.
The Company will publish its annual results for the financial year ending 30 June 2019 by press release to be
issued on Friday morning 8 am (CET) 30 August 2019.
EuroComm. EUR 23,70 +20ct vol. 5.101