SIF Moldova calls GSM for a share capital increase and to set 2011 dividend
Raiffeisen Capital & Investment - 1 February 2012
SIF Moldova (SIF2) has called an extraordinary GSM for April 5 (6) whose most important topics are: (i) a share capital increase of RON 114.2 mn by issuing two new shares for every old share at a price of RON 0.11, (ii) approving a 2011 DPS of RON 0.22 and (iii) amending its bylaw.
The ex-dividend day is set for April 25. We view this piece of news as negative for SIF2 shares since the implied pay-out ratio is 60%, below our expectation of 80%. The current dividend yield is 16.3%.
Source: http://www.rciro.ro
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