SANDY SPRINGS (dpa-AFX) - TNT Express (TNTEY.PK) said its Supervisory Board has reviewed the agenda of the Annual General Meeting of Shareholders 2012, following a deal on March 19 between TNT Express and United Parcel Service (UPS). The AGM would be held on April 11, 2012.
Taking into account the offer and the related anticipated change in governance of TNT Express, the Supervisory Board has decided not to change its composition for the time being. In consultation with the two candidates, the Supervisory Board has withdrawn the proposal to name Marcel Smits Mr Sjoerd Van Keulen as additional members of the Supervisory Board.
In addition, the company added that the proposed 0.004 euros per share final dividend 2011 can be paid without any adjustment of the offer price of 9.50 euros per ordinary share of TNT Express. Also, the Supervisory Board has decided that the 2012 grant of rights on performance shares under the Executive Board's Long Term Incentive plan would be suspended in view of the intended offer.
In Europe & MEA, pricing pressure and a decline in international Express volumes have negatively impacted operating results, the company noted. Meanwhile, a fixed-cost optimisation programme, with the aim of reducing fixed costs by 150 million euros by the end of 2013, has been initiated. Though under pressure because of lower Asia-volumes, Asia-Pacific results have benefited from the strong performance of the Australian operations.
Copyright RTT News/dpa-AFX
© 2012 AFX News
