KRUK S.A. shareholders approve decision to distribute 2019 profit by way of share buyback
On August 31st 2020, the Annual General Meeting of KRUK S.A. approved the Company’s performance for 2019, and granted discharge from liability to the Management Board and Supervisory Board members. The shareholders also decided that the 2019 profit will be distributed by way of a share buyback. The improvement in performance in the second quarter of 2020 facilitated a decision to allocating to the shareholders PLN 95m, a portion of the profit for 2019. The shares will be repurchased at PLN 350.
“It is the sixth consecutive year when we share profits with the shareholders and the first year in KRUK’s history when we distribute the profit via stock repurchase. I have always wanted KRUK to be a business that grows while remaining able to share profits with owners. Our liquidity and financial position allows us, especially now, to safely distribute part of the 2019 profit, in the amount of PLN 95m, which will allow us to buy back 271 thousand shares from the market at a price of PLN 350 per share,” said Piotr Krupa. “We would like to start the repurchase as soon as possible. The next step is to select and sign an agreement with a brokerage house which will accept sell orders in the share buyback. We hope that this form of dividend payment will be of great interest among the shareholders. Unlike in the case of traditional dividend payment, the shareholders must bear in mind that in order to be able to benefit from the stock repurchase, they must place orders to sell their shares as part of the buyback. KRUK will issue relevant communications.”
KRUK S.A. shareholders passed all the resolutions that were put to vote, and the General Meeting was held in part remotely.
“Given the current COVID-19 risks, it is very important for me that everyone be safe - our customers, employees, as well as shareholders. Therefore, for the first time in the history of KRUK S.A., the General Meeting was held remotely. Everything went smoothly, which demonstrates that regardless of the external situation we are able to make decisions important to the shareholders and the company,” added Piotr Krupa, President of the KRUK S.A. Management Board.
All the adopted resolutions are available on KRUK S.A.’s website https://en.kruk.eu/investor-relations/kruk-group/general-meeting
The Company will keep publishing information about further steps related to the share buyback.