The Management Board of Globe Trade Centre S.A. (“the Company”) reports that on 28 July 2020 the Supervisory Board of the Company, following the recommendation of the Management Board hereby issued a positive opinion on the Management Board’s proposal to deviate from published dividend policy (dividend policy published on 20 March 2017) and retain the profit for the year ended 31 December 2019 in the amount of PLN 321,756,000 by the Company and allocate to the reserve/supplementary capital, and thus the Supervisory Board of the Company recommends not to pay dividend out of profits earned by the Company in the financial year ended on 31 December 2019.
The Management Board recommendation is based on the uncertainty regarding consequences of the outbreak of the coronavirus (COVID-19) pandemic and the dampened economic and operating environment of the Company associated therewith, as well as the implementation of various contingency measures resulting therefrom in the territories in which the Company’s group conducts its operations, which may have an adverse effect on consumer behaviour and retail sales, and thus, on the business operations of the Company. This recommendation is issued despite the positive financial results achieved by the Company in the financial year ended 31 December 2019 and the healthy financial and liquidity positions as the Management Board believes that it is in the interest of the Company and its shareholders to retain profits generated in the financial year ended 31 December 2019 and to allocate them to supplementary/reserve capital, which will allow the Company to maintain a strong capital and cash position.
The final decision regarding the distribution of Company’s profit for the year ended 31 December 2019 will be made by the Ordinary General Meeting of the Company.
Legal basis: Art. 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC – inside information
29.07.2020 6:55