Edition:
India

Grammer To Propose Not To Pay Out Dividend For FY 2019


Thursday, 4 Jun 2020 

June 4 (Reuters) - GRAMMER AG ::GRAMMER AG IS IN ADVANCED TALKS CONCERNING THE INCREASE OF THE EXISTING SYNDICATED LOAN, SUSPENDING THE DIVIDEND AND PLANNING A CAPITAL INCREASE.CURRENTLY IN ADVANCED TALKS WITH ITS SYNDICATE BANKS CONCERNING A THIRD TRANCHE OF EXISTING SYNDICATED LOAN.ADDITIONAL CREDIT LINE IS EXPECTED TO AMOUNT TO EUR 235 MILLION AND WILL SERVE TO BRIDGE CURRENT EXCEPTIONAL ECONOMIC SITUATION.TODAY ADOPTED A RESOLUTION TO REVOKE DIVIDEND PROPOSAL OF EUR 0.11 PER SHARE PUBLISHED ON MARCH 30, 2020.TO PROPOSE TO ANNUAL GENERAL MEETING NOT TO PAY OUT A DIVIDEND FOR FINANCIAL YEAR 2019.DIVIDEND WILL BE SUSPENDED DURING THREE-YEAR TERM OF NEW TRANCHE.PLANS TO STRENGTHEN ITS EQUITY BY AT LEAST EUR 40.IN ADDITION, GRAMMER AG PLANS TO STRENGTHEN ITS EQUITY BY AT LEAST EUR 40 MILLION. TO THIS END, A CAPITAL INCREASE INCLUDING SHAREHOLDER SUBSCRIPTION RIGHTS IS TO BE EXECUTED IN SECOND HALF OF 2020. 

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