SIF Moldova dividend proposal

Thus, the management proposed a dividend per share of RON 0.09 implying a dividend yield of 7.2% on Friday closing price and a pay-out of 48.5%. SIF2 has also proposed for the first time a dividend policy which states that the company is trying to offer to its shareholders a dividend yield of minimum 5% if the share price is below RON 2 and minimum 3% if the share price is above RON 2. The reference for computing the dividend yield is the average price for the last 90 trading days of the year for which the dividend is paid. We rate this piece of news as positive due to fact that pay-out ratio is significantly higher than market expectations. Ex-dividend date was set for May 6, 2011.

As a separate issue, SIF2 asks shareholders' permission to dispose or otherwise generate value from its stake in BCR, which accounts for more than 30% of its portfolio. According to a media release, the SIFs are discontent of BCR's dividends and of the fact that Erste has not yet started the listing procedures for BCR.

Articole similare