Croatian Telecom Proposes Dividend Payment of 491.3 Million Kuna

The Management Board and Supervisory Board (SB) of HT propose to the General Assembly, convened for April 21, to allocate part of the net profit from last year amounting to 491.3 million kuna or 6 kuna per share for the payment of dividends to shareholders.

HT achieved a net profit of 893.48 million kuna in 2015, and it is proposed that 491.3 million kuna be paid out as dividends, 47 million kuna be allocated to legal reserves, and 355.17 million kuna to retained earnings. The dividend will be paid, as stated in the invitation for the General Assembly, to all shareholders registered in the Central Clearing Depository (SKDD) on May 4 of this year. The date from which HT shares will be traded without the right to dividend payment is May 3, and the claim for dividend payment is due on May 16.

The Management Board and Supervisory Board (SB) also propose to the General Assembly the adoption of a decision to grant discharge to members of the Management Board and SB for the business year 2015, as well as a decision to authorize the Management Board to acquire HT shares. Namely, the Management Board may acquire shares in a number that, including already acquired shares, must not exceed 10 percent of HT’s share capital.

The maximum price at which own shares can be purchased must not exceed 10 percent, nor be below 10 percent of the average market price for the share achieved during the previous trading day. This authorization is valid for five years from the date of the decision. The explanation of this decision states that the authorization for members of the Management Board to acquire shares of the company expires on May 4, and therefore it is proposed to the General Assembly to extend the authorization for the next five years. Such authorization for the Management Board is considered justified “for the protection of the integrity of the Company and the interests of shareholders and an advantage for the Company, as the purchases of own shares would only be executed in situations that the Management Board, with the diligence of a conscientious businessman, would assess to be in the best interest of the Company and shareholders,” states the explanation accompanying the proposal of this decision.