Fondul Proprietatea calls (E)GSM for April 25
Fondul Proprietatea (FP) has called an (E)GSM for April 25, 2013 when shareholders are to vote on several proposals, including the 2012 dividend. The fund proposed a 2012 DPS of RON 0.04089 (marginally higher than the dividend announced with the release of the 2012 preliminary results of RON 0.0408) starting with June 28, 2013 while the ex-dividend date is proposed for May 13, 2013. Other topics on the agenda will be: (i) the election of two members of the Board of Nominees, (ii) the re-approval and ratification of all GSMs resolutions and all legal deeds concluded by Franklin Templeton since September 6, 2010, (iii) several amendments to its bylaws and (iv) the extension until December 2013 of the manager’s authorization to start the procedures needed for the secondary listing in Warsaw. We view this piece of news as neutral for FP shares.
Farmaceutica Remedia proposes dividend of RON 0.02
Farmaceutica Remedia (RMAH) called a GSM for April 17 to approve among others the 2012 results, the 2012 DPS and the 2013 budget. Out of the 2012 net profit of RON 4.1 mn, 17% higher than the preliminary figure, the company plans to distribute 52% as dividends, meaning a DPS of RON 0.02 which reflects a dividend yield of 6.6% (using the closing price of March 13).
The GSM materials will be available starting March 18. Dividends would be paid starting August 1 until October 17. The proposed registration date is May 7 (ex-dividend date May 2).
