Current Report No. 4/2018 dated 29 March 2018
Motion of the Management Board of Wirtualna Polska Holding S.A. regarding the allocation of the profit of the Company
Legal basis: Article 56 sec. 1 item 2 of the Act dated 29 July 2005 on Public Offering, the Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies.
Contents of the report:
The Management Board of Wirtualna Polska Holding S.A. (“the Company”) hereby announces that on March 29, 2018 the Management Board adopted a resolution on submitting a motion to the General Meeting of the Company on the allocation of:
- the whole of the net profit of the Company for the financial year 2017 in the amount of 7,575,694.46 PLN (in words: seven million five hundred and seventy five thousand six hundred and ninety four zlotys and forty six groszy) and
- the amount of 20,204,037.70 PLN (twenty million two hundred four thousand thirty seven zlotys and seventy groszy) from the retained earnings of the Company.
as payment of a dividend in the amount of PLN 0.96 PLN (ninety six groszy) per share and in the total amount of 27,779,732.16 PLN (twenty-seven million seven hundred seventy-nine thousand seven hundred and thirty-two zlotys and sixteen groszy), whereas the final amount of the dividend per share is to be rounded down to full grosze and the difference between the aforementioned amount and the dividend payable to shareholders, including such rounding, will contribute to the Company's reserve capital.
Furthermore, the Management Board proposes that the record date be set at July 10, 2018 and the dividend be paid on July 20, 2018.
The proposed distribution of the profits of the Company is compatible with the Dividend Policy adopted on December 20, 2016 according to which Management Board of the Company will propose the payment of a dividend to the General Meeting at a level above PLN 1 per share, but no more than 70% of the consolidated net profit of the Company’s Capital Group reported in the financial statement for a given fiscal year. The Management Board recommending the payment of dividends takes into account all relevant factors, including in particular:
- the current financial situation of the Company's Capital Group,
- the investment plans of the Company’s Capital Group,
- potential acquisition targets of companies belonging to the Company’s Capital Group,
- the expected level of free cash in the Company in the financial year in which the payment of dividends are due.
At the same time the Management Board of the Company informs that the abovementioned motion is submitted for appraisal to the Supervisory Board of the Company and to be examined by the General Meeting of the Company according to Art. 395 paragraph 2 point 2 of the Commercial Companies Code.
Legal basis: Article 56 sec. 1 item 2 of the Act dated 29 July 2005 on Public Offering, the Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies
Signatures of the individuals representing the Company:
Jacek Świderski – President of the Management Board/Chief Executive Officer
Elżbieta Bujniewicz – Belka – Member of the Management Board/Chief Financial Officer