03/28/2019 | Press release | Distributed by Public on 03/28/2019 13:42
Audited previous year record results were presented and approved, decisions about the dividends and purchase of shares were made at today's general meeting of the shareholders of Šiaulių Bankas.
'The last year for our Bank was particularly successful: we reached the highest profit result, significantly increased the volume of lending and the deposit portfolio, earned the name of the best customer servicing bank. We strive to create value for investors, so today I am glad with the shareholders' decisions - in particular with the approved allocation of profit which includes expected good dividends and the possibility for the bank to buy its own shares in order to maintain the stock price of the market', commented the Bank's Chief Executive Officer Vytautas Sinius.
Dividends: one tenth from the nominal value.
The meeting of shareholders approved the proposal of the Board to allocate profits to shareholders by paying dividends. It was suggested to assign dividend of EUR 0.029 per one ordinary share with EUR 0.29 nominal value, this represents 10% of the nominal value of the shares.
Assigned dividends will be paid in accordance with the number of the shares held by the shareholders on the end of the day of accounting of the meeting rights. The date of meeting rights accounting is 11 April 2019. The Bank will publish later the information about the procedure for the payment of the dividend.
The buying of own shares is for maintaining price in the market
The shareholders also approved the purchase of own shares and the conditions for such purchase. The maximum allowed number for purchase was set: the total par value of the own shares owned by the Bank must be no more than one tenth of the value of the Bank's authorized capital.
Term for acquisition of the shares was also approved: the Bank can acquire the shares within 18 months from the date of this meeting. The maximum purchase price per share is set at 15 per cent higher than the market price of the share on the Nasdaq Vilnius stock exchange at the time when the Board decides to purchase own shares, however, not higher than the book value of the share calculated according to the published most recent bank's financial statements. The minimum purchase price is 15% less than the market price of the Bank's shares in Nasdaq Vilnius stock exchange, when the Board decides on the purchase of its own shares.
The shareholders' meeting also decided to approve the financial statements for the year 2018 and approve the Rules for Granting Shares.
During 2018, Šiaulių Bankas group earned EUR 52.6 million non-audited net profit, which is by 64% more compared to 2017, which earned EUR 32.1 million. 2018 fourth-quarter net profit amounted to EUR 14.1 million. Recurring activity result increased by 14% during the year.