Bosqar Distributes a Dividend of €2.3, Gordan Kolak Joins the Supervisory Board

The payment of dividends, stock split, and the new member of the Supervisory Board from among prominent Croatian entrepreneurs are the most important topics for the general meeting of shareholders of Bosqar Invest. According to the invitation published on Monday on the Zagreb Stock Exchange website, the meeting will be held on June 16 at the company’s headquarters, and after discussing the annual report for the previous year, the decision on the use of profits will follow. The company achieved a net profit of €3.6 million last year, of which just over €180,000 will be allocated to legal reserves.

A total of €2.7 million, or €2.30 per share, will be allocated for the payment of dividends. – The dividend will be paid from the retained earnings of the Company from 2023 in the amount of €76,174.90 and the current year’s profit of €2,634,230.20. The dividend will be paid to shareholders who will be registered in the Central Clearing Depository on July 15 (record date) – states the invitation to the meeting. From July 14 (ex-date), the shares will be traded without the right to receive dividends. The dividend payment will be on July 18 (payment date). The remaining amount of €789,000 will be retained in undistributed profits.

Stock Split

After the decision on dividends, the next important decision will be the proposal for a stock split. One ordinary share will be split into ten new ones, so the future share capital of Bosqar will be divided into 11.8 million shares. Speaking of shares, the general meeting will also discuss the proposal that the Management Board may buy back the company’s shares in the next five years. Specifically, it will be authorized to acquire up to ten percent of Bosqar’s shares for treasury.

The price at which the own shares are acquired must not be above or below ten percent of the average market price achieved during the previous trading day. In addition, the total price for the own shares cannot exceed €20 million. Bosqar currently only has ordinary shares, but this could change in the near future.

Namely, the proposal for amendments to the company’s Statute draws attention to the provision that the company may also issue preferred shares without voting rights with a priority right to dividend payments (cumulative preferred shares). – The total amount of share capital relating to such shares cannot exceed half of the amount of the Company’s share capital – states the proposal.

There will also be a change in the Supervisory Board. The current member Joško Miliša, a partner in the private equity fund management company Prosperus Invest, will have his term expire on June 10. Instead of Miliša, Gordan Kolak, the CEO of Končar, has been proposed as the new member.