SIF Banat Crisana – Shareholders ask for a higher 2012 dividend
SIF Banat Crisana (SIF1) informed that a group of shareholders demanded that a new topic should be added on the GSM agenda. They propose the payment of 2012 DPS of RON 0.1649, based on a pay-out ratio of 90%. This implies a current dividend yield of 12%. We remind that the management made three proposals for the 2012 DPS: RON 0, RON 0.04 and RON 0.12. These correspond to a pay-out of 0%, 22% and 66%, respectively. The dividend yield for the last two proposals is 3% and 8.8%, respectively. The ex-dividend date was announced for May 13, 2013. We view the news as positive for SIF1 shares.
Sicomed proposed a 2012 DPS of 0.048 RON
Pharmaceutical producer Sicomed (SCD) has called a GSM for 26(27) April when shareholders are asked to vote on the 2012 DPS proposal of RON 0.048. This implies a pay-out ratio close to 66% and a dividend yield of 5.8% taking into consideration the last closing price. The proposed registration date is May 15, 2013 (ex-dividend date 13 May 2013). We were expecting the pay-out to stand close to 100%, similar to the levels distributed in the last years, thus we view the news as rather negative.
Antibiotice - proposal for a share capital increase
According to a release to the stock exchange the pharmaceutical producer Antibiotice (ATB) intends to call a GSM for April 25(26), 2013 to propose shareholders the approval of a share capital increase of RON 10.3 mn by capitalizing part of the 2012 net profit. If the share capital increase will be realized at nominal vale, each shareholder will receive 18 new shares for every 100 existing shares. We remind that last year, there was a similar proposal in the GSM from ATB’s management, but ultimately, the Ministry of Health, the majority shareholder approved the distribution of a cash dividend of RON 0.0152 (pay-out of 43% mainly in line with the 2011 budget proposal of 50%). We expect a similar outcome this year and if we consider a pay-out close to the one approved in the 2012 budget (85%), DPS could stand close to RON 0.041 which implies a yield of almost 9%.
