The Board of Directors of Rosseti PJSC, convening in absentia on 30 May 2016, recommended that the company’s shareholders adopt a decision at the Annual Meeting to pay RUB 1.785 bln in dividends for Q1 2016.
The recommendation was made to pay dividends on the Company’s preferred shares from the Company’s net profits based on Q1 2016 results in the amount of RUB 154,653,000 in cash form (RUB 0.07452614 per preferred share), and on the Company’s ordinary shares from the Company’s net profits based on Q1 2016 results in the amount of RUB 1,630,317,000 in cash form (RUB 0.00831813 per ordinary share).
“As a result of its ongoing efforts to boost operating and investment efficiencies, based on Q1 2016 operating results, Rosseti PJSC generated net profits in the amount of RUB 36.9 bln; that said, net assets now exceed authorized capital and total RUB 226.3 bln, making it possible to pay interim dividends based on Q1 2016 operating results in the amount of RUB 1.8 bln. This decision has been approved by the RF Government,” noted the Deputy General Director for Economics at Rosseti PJSC, Oksana Shatokhina.
It should be mentioned that for the first time in three years, Rosseti PJSC will pay dividends in an amount significantly higher than the volume of dividend payments made in previous periods (Rosseti PJSC last paid payments in 2013, based on operating results for 2012).
The decision on dividend payment will be adopted at the Annual General Meeting of Shareholders, which is scheduled to take place on 30 June 2016.