M.Video could pay 25 rubles a share for 9M
MOSCOW. Oct 27 (Interfax) - Directors at M.Video are recommending that shareholders accept an interim 9M 2014 dividend of 25 rubles a share, the electrical goods retailer said in a statement.
Shareholders on record as of December 16 will be entitled to the dividends, which will be paid by January 29.
The dividends will be put to the vote at an EGM on December 5. Shareholders on record as of November 5 will be entitled to vote.
The company has 179,768,227 issued ordinary shares, par value 10 rubles each, so total the total payout for 9M 2014 might be 4.49 billion rubles.
M.Video paid 20 rubles per share or a total of 3.6 billion rubles for 2013. The company paid out 60% of net profit as dividends for 2012 or 2.485 billion rubles out of 4.141 billion rubles at 13.8 rubles a share. The company said last year that it planned to pay 60% of earnings in future.
Cyprus-based Svece, Ltd. is M.Video's main shareholder with a 57.8% stake. Svece is a wholly owned subsidiary of M.Video Investment, Ltd., the controlling stake in which belongs to Alexander Tynkovan. Mikhail Tynkovan and Pavel Breyev are M.Video co-owners.
M.Video had a network of 358 stores at the end of September.
Net profit to International Financial Reporting Standards (IFRS) fell 13.4% year-on-year in H1 2014 to 1.122 billion rubles and net revenue grew 3.2% to 68.623 billion rubles. The company does not publish quarterly financial results to IFRS.
The shareholders will also vote on charter amendments and a new version of the statute on the general meeting of shareholders on December 5.