18/11/2020

Dividend and buyback

Profit distribution policy (dividend or share buyback)

In the medium term, the Group’s strategy is to reinvest all profits in business development, in order to support the Group’s value growth. However, the Company may pay out the company's net profit in the following years, as long as they do not affect its ability to raise financing required for further expansion.

Historical data on profit distribution method

 

For 2014

For 2015

For 2016 For 2017 For 2018 For 2019* 

Total dividend paid/ share buyback

PLN 25.9m

PLN 35.5m

PLN 37.5m PLN 94.0 m PLN 94.7m

PLN 95.0m

Price pre share in buyback

N/A N/A N/A N/A N/A PLN 350

Dividend paid per share

PLN 1.5

PLN 2.0

PLN 2.0 PLN 5.0 PLN 5.0 N/A

Dividend record date

July 1st 2015

July 8th 2016

June 29th 2017 April 25th2018 July 2nd 2019 N/A

Dividend/ buyback payment date

July 24th 2015

July 29th 2016

July 5th 2017 April 27th 2018 July 10th 2019

November 18th 2020

*KRUK S.A. share buyback as distribution to shareholders

Highlights of the Offer:

  • In accordance with General Meeting’s Resolution No. 7/2020  of August 31st 2020, KRUK S.A. intends to buy back up to 271,000 shares for a price of PLN 350.00 per share.
  • The total value of the shares to be bought back will not exceed PLN 94,850,000, which accounts for approximately 25% of KRUK S.A.’s net profit for 2019.
  • The sale acceptance period will be from October 19th 2020 to and including November 13th 2020.
  • The shares to be tendered may not be encumbered with any third party rights (block, pledge, etc.) and may not be blocked for the purposes of an order to sell the shares on the Warsaw Stock Exchange.
  • A shareholder will not pay any fee for tendering the shares, but will be required to pay a commission fee upon the execution of the sale transaction, based on the fee and commission rates charged by the entity keeping the shareholder’s securities account from which the shares will be sold.

 

Buyback timetable

Date of the publication of the Invitation:                                                        October 13th 2020

Commencement date of the period for accepting Sale Offers:                       October 19th 2020

Closing date of the period for accepting Sale Offers:                                     November 13th 2020

Expected date of the decision by the Company to accept the Sale Offers:    November 16th 2020

Expected date of settlement and acquisition of the Shares:                           November 18th 2020

 

Further to Current Report No. 36/2020 of October 13th 2020, the Management Board of KRUK S.A. inform that from October 19th to November 13th 2020, a total of 1.659 tenders to sell a total of 17.312.434 shares in the Company were accepted. 
The number of accepted tenders to sell more than 29 but fewer than 70 shares is 393, comprising a total of 17.349 shares and after taking into account tenders made repeatedly from one account (6 tenders for a total of 306 shares), 387 tenders for a total of 17.043 shares were subject to preferential allotment. The tenders to sell more than 29 but fewer than 70 shares have been allotted 387 shares.
The number of accepted tenders to sell no more than 29 shares or no fewer than 70 shares is 1.269, comprising a total of 17.295.391 shares. Following a pro rata reduction of the tenders to sell no more than 29 shares or no fewer than 70 shares, the average reduction rate has been set at 98,44%. The tenders to sell no more than 29 shares have not been allotted any shares, whereas the tenders to sell no fewer than 70 shares have been allotted a total of 270.613 shares.
In aggregate, the Company will repurchase 271,000 shares at a price of PLN 350.00 per share. The planned date of settlement of the Buyback Offer is November 18th 2020.

*More information: Current Report No. 26/2020: Resolutions adopted by the Annual General Meeting of KRUK S.A. on August 31st 2020 - Resolution No. 7/2020 of the Annual General Meeting of KRUK S.A. of Wrocław, dated August 31st 2020 on allocation of KRUK S.A.’s net profit for 2019, authorising the Management Board to buy back the Company’s own shares for cancellation, and creation of a capital reserve to fund the share buyback, Current Report No. 42/2020: Information about tenders of shares accepted from company’s shareholders as part of the share buyback and News

 

 

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