O2TV to put all net profits into 2010 dividends
MOSCOW. May 27 (Interfax) - The board of directors at OJSC O2TV has recommended that shareholders vote at their June 30 AGM to put all of 2010 net profits - 585,000 rubles to Russian Accounting Standards (RAS) - toward dividends.
The register of shareholders eligible to attend the annual meeting closes as of May 27.
These are the first dividends O2TV would ever have paid. The company had its IPO on the MICEX innovation market in 2008, placing roughly 20% of its stock. After the IPO, the company was valued at $52 million.
O2TV General Director Vladimir Pantserny is cited in a company statement as saying, "The board's decision to pay dividends for 2010 is historic in a direct sense - the company has never paid dividends before."
"In absolute size the dividends will not be large, even though the board of directors recommends paying out 100% of net profits. However, the very fact of dividend payment is a signal that the company and its management cares about our shareholders and is ready to share the profits made with them," Pantserny said.
The channel O2TV was created in 2004. It is now viewable by 14 million people in 73 of Russia's constituent regions. In Moscow, 1.8 million people can receive its programming, which is broadcast by the operator networks Akado, Qwerty, 'big-3' telecom VimpelCom , Infocus+, and Iskratelecom. Online viewing is available via Internet portals, video hosting sites, and the channel's own official site.
At the end of April, O2TV completed an additional placement of 40 million shares at 8.6 rubles apiece in closed subscription to O2TV Studio LLC. At the end of placement, O2TV Studio was the holder of 28.57% of OJSC O2TV's ordinary shares. According to the SPARK database, O2TV Studio is owned by Alexei Gorislavets
Prior to the issue, the main O2TV shareholders were CJSC Investstroy Group (17%), belonging to Andrei Belov, Trend-Express LLC (16%), and management company Portfolio Investments (18%), which is owned by Vladivostok-based Far Eastern Bank (DV Bank) .
After the issue, O2TV's share capital was 140,000 rubles split into 140 million shares with par value of 0.001 rubles.
