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Shareholders approve PLN 3.5 diviidends per share for Bogdanka coalminer , Equities News - EquitiesPoland.pl
Coverage of high-potential mid-market firms in Poland


Shareholders approve PLN 3.5 diviidends per share for Bogdanka coalminer



Shareholders at coal miner Bogdanka approved a PLN 3.5 dividend per share from 2014 profit or a total sum of just above PLN 119 mln, as motioned by pension fund Aviva OFE, and against management motion for no immediate dividend.


The DPS puts dividend yield as calculated against the current share price of PLN 58 at 6.0%.


The dividend day was set at September 17 and the payment will be made on October 8, the GM decided.


The remaining part of 2014 profit of PLN 153.89 mln will go to retained profits.


Out of 19,755,867 votes cast, 10,310,429 were in favor, 5238 against and 9,444,200 abstained.


The management had initially recommended for a PLN 3 DPS but altered its recommendation on June 10, motioning for no immediate dividend from 2014 profit due to the tough situation on the coal market. The management wanted to allocate 37.5% of 2014 net profit to reserve capital for future dividends, with the decision on a possible advance payment from 2015 profits to be made by November 30.





I see the likely need to increasing debt somewhat. This dividend will have to be financed with additional debt.


This is of course a positive factor short-term, as the dividend yield stands at 6%, so short-term investors may like the move. I, however, would not motion for such a dividend taking into account the market which can surprise negatively and is full of risks.





A higher dividend is positive for investors, but the most important thing are prospects for the future, and these are rather gloomy for the next year or two.


I think the firm will have to deleverage this year in order to pay this dividend.


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