SIF Moldova – GSM resolutions and Board elections
SIF Moldova (SIF2) has held its annual (E)GSM on April 5, 2013. The quorum for the (E)GSM has not been met as only 44.5% of its shareholders have participated to the second calling. This means that the proposed buy-back program could not be validated. During the ordinary GSM, the shareholders have endorsed the proposal for a 2012 DPS of RON 0.24 which is based on a pay-out ratio of 91%. The ex-dividend date was approved for April 19, 2013. The shareholders have also approved the payment of a bonus to its managers of 2% of its 2012 profit. The elections for the its Board have resulted in the following management team: Mr Doros, Mr. Ceocea, Mr. Ciorcila, Mr. Hanga, Mr. Hrebenciuc, Mr. Octavian and Mr. Iancu. Mr. Ceocea has been reappointed CEO while Mr. Doros has been reappointed Deputy CEO. Three out of the seven members are close to Banca Transilvania. Despite the fact that buy-back program could not be approved, we view this piece of news as positive for SIF2 shares due to the approval of the high dividend proposal and the heterogeneous composition of its Board.
Zentiva - A concerted group of shareholders asks for higher dividend
According to a company release, a concerted group of shareholders owning 5.1% of Zentiva SA (former Sicomed) asked for a higher dividend, of RON 0.06927, versus RON 0.048 the proposal of the management. The new dividend reflects a pay-out of 90%, up from 62% proposed, and a dividend yield of 8.6%. The group of shareholders also requested a report from the auditor of the company on the intra-group transactions over 2011-2012.
