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Following a failed attempt by major shareholder
After two rounds of bidding, Saverys did not succeed in acquiring 95 percent of
In the news: Saverex has requested an extraordinary and special general meeting of shareholders of
- At that meeting, the super dividend of
5.4 euros will be discussed.Exmar wants to pay out that profit share in two payments. It involves a payment of1 euro gross per share from the available share premium and a payment of an interim dividend of4.40 euro gross per share.
The details: The dividend payment is mainly good news for Saverys itself.
- Inorder to buy massive shares in the shipping company, the major shareholder took out bridge loans with
Exmar shares as collateral.So Saverys now needs money to repay those loans. - Moreover, as a major shareholder, he does not have to pay withholding tax on those proceeds.
-
The super dividend could earn him some
260 million euros .
What does all this mean for the small investor?
Zoom in: At first glance, a monster dividend is good news for the small investor. Yet there are a few snags.
- Unlike Saverys, retail investors do have to pay a withholding tax. This brings the expected net dividend to
3.78 euros . -
Such a hefty dividend payment can put significant pressure on the share price. On the so-called ex-dividend date, when the profit share is allocated, the share price usually falls by the value of the gross dividend. Based on yesterday's closing price (
10.8 euros ), that will result in a halving of the value. -
Nevertheless, the superdividend attracts investors. After some three hours of trading,
Exmar is trading 3.5 percent in the plus.
All this is still subject to change, as shareholders have yet to vote on the superdividend.
Exmar will send an invitation for the special general meeting to shareholders within three weeks. "This invitation will specify the exact date of the meetings, which date will not be earlier than the 30th day after the date of the invitation," a press release reads.
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