M.Video shareholders approve 2013 dividend of 20 rubles per share
MOSCOW. June 17 (Interfax) - Shareholders in M.Video approved a dividend for 2013 equal to 20 rubles per share or a total of 3.6 billion rubles in voting at the annual general meeting on Tuesday.
Shareholders of record on July 4 are eligible to receive the dividend, which is payable no later than August 8, the company said in a press release.
M.Video paid 13.8 rubles per share for 2012. In other words, the 2013 dividend is 45% higher.
The company paid out 60% of net profit as dividends for 2012 (2.485 billion rubles out of 4.141 billion rubles). Last September, the company reported that the board of directors would be guided by that dividend level in future.
"The 2013 dividend approved by the AGSM is fully in line with the Company's Board of Directors earlier recommendation of at least 60% payout ratio and also provides for high returns to investors as compared to Russian stock market benchmarks," M.Video President and CEO Alexander Tynkovan is quoted in the press release as saying.
Shareholders also re-elected the entire board of directors to a new term, including: Tynkovan; General Director Pavel Breev; non-executive directors David Hamid, Mikhail Kuchment and Peter Gyorffy; and independent directors Adrian Burleton, Walter Koch, Utho Creusen, and Alexander Prisyazhnuk.
