Ronson Development to pay out PLN 0.06 dividend per share
The General Meeting of Ronson Development decided to pay out a dividend of PLN 0.06 per share, or a total of around PLN 9.84 million, from 2019 net profit.
The dividend record day was set for 5 August, and the day of dividend payment will be 24 August 2020.
The dividend payment of PLN 0.06 per share was proposed by Ronson Development’s major shareholder – ITR Dori BV, an entity owned by A. Luzon Development and Energy Group. The resolution was adopted by the General Meeting by majority of 82% votes. The decision is in line with the Company’s long-term dividend policy announced in July 2018.
When convening the General Meeting, the Management Board of Ronson Development recommended not to pay dividend from 2019 net profit, due to the worse economic situation and high uncertainty resulting from the COVID-19 pandemic. At the same time, it ensured that due to the Company’s very good financial results for 2019 and Q1 2020, the payment of the dividend, of up to PLN 0.06 per share, will not violate financial obligations (covenants) towards creditors, will not affect the Company’s plans for construction projects and will not affect the Company’s ability to service its debt in the future.
Considering the Company’s current share price (PLN 0.90 at closing of the trading session on 29 June 2020), the expected dividend yield is 6.7%. The dividend in the total amount of PLN 9.84 million corresponds to 68% of 2019 net profit attributable to Ronson Development’s shareholders, which amounted to PLN 17.4 million.
Dividend per share paid by Ronson Development in years 2013-2020