Kaufman & Broad SA
Kaufman & Broad SA: Downward adjustement of dividend amount for 2019
09-Apr-2020 / 21:07 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Press release
Paris, April 9, 2020
Confirmation of the holding of the General meeting on 5 May 2020 and 2019
dividend confirmed but reduced to EUR 1.75 per share
Details about the arrangements for the General Meeting of shareholders to be
held on 5 May 2020
Downward adjustment of dividend at EUR 1.75 per share
The Board of directors of Kaufman & Broad S.A. has decided today, in the
light of the current context of health crisis and the recent declarations of
the Government calling for moderation on the distribution of dividends, to
lower the dividend proposal for the financial year ended 30 November 2019 to
be approved at the general meeting of shareholders to be held on 5 May 2020,
from EUR 2.50 per share to EUR 1.75 per share, i.e. a decrease of 30%
compared to the dividend which was initially proposed and the dividend paid
in 2019 for the financial year ended 30 November 2019. Only the possibility
to be paid the dividend in cash will be available.
This decision reflects Kaufman & Broad S.A.'s willingness to act in a
responsible way in the current context and to ensure a balance between the
interests of its stakeholders.
In the context of the publication on 19 March 2020 of its results for the
first quarter, Kaufman & Broad S.A. has reminded its choice to have promoted
economic performance for several years, which enables Kaufman & Broad SA to
benefit from a financial structure characterized at the end of the 1st
quarter by the absence of net debt and an extremely solid liquidity position
at EUR 412.5 million associated with a backlog of more than EUR 3.4
billion. Such situation allows Kaufman & Broad S.A. not to ask for the
postponement or suspension of the payment of its fiscal and social charges
or to apply for state-guaranteed bank loans. Kaufman & Broad S.A. uses the
partial unemployment scheme on a reasonable basis, with a 100% compensation
for its employees.
The unpaid dividend will permit to reinforce Kaufman & Broad S.A.'s support
to caregivers and children's education. In addition, the sound financial
position of the Group will be further strengthened.
The employee shareholders, first shareholders of Kaufman & Broad S.A. with
more than 15% of the share capital, have brought their support to the
decision to adjust the dividend.
Details about the arrangements for the general meeting of shareholders to be
held on
May 2020
In the current context of health crisis and in accordance with the
provisions of article 4 of Ordinance n°2020-231 of 25 March 2020, the Board
of directors has decided that the combined general meeting of shareholders
of the Company of 5 May 2020 will exceptionally be held behind closed doors,
without shareholders and other persons being entitled to assist thereto
being physically present.
As a result, it is expressly asked to shareholders not to go to the general
meeting and to participate to such general meeting through vote by
correspondence, using the form made available for such purpose. They can
also give a proxy to the Chairman.
Each shareholder will have the possibility to follow the general meeting by
conference call.
Shareholders can ask written questions to the Company ahead of the general
meeting in accordance with the provisions of articles L.225-108 and R.225-84
of the French Code de commerce. These questions must be sent to the
registered office of the Company by registered mail or by way of email to
the following address infos-actionnaire@ketb.com at the latest on the fourth
business day preceding the date of the general meeting. They must be
accompanied by a share registration certificate. The conference call will
only allow for a listening of the general meeting, no question being asked
through this mean.
Shareholders are invited to consult frequently the section dedicated to the
general meeting on the website www.kaufmanbroad.fr [1], where all documents
and information related to the general meeting will be made available.
This press release is available at www.kaufmanbroad.fr [2]
Contacts
Chief Financial Officer Press Relations
Bruno Coche
01 41 43 44 73
infos-invest@ketb.com
Media relations: Hopscotch Capital:
Violaine Danet
01 58 65 00 77 / k&b@hopscotchcapital.fr
Kaufman & Broad: Emmeline Cacitti
06 72 42 66 24 / ecacitti@ketb.com
About Kaufman & Broad - Kaufman & Broad has been designing, building, and
selling single-family homes in communities, apartments, and offices on
behalf of third parties for more than 50 years. Kaufman & Broad is one of
the leading French developers-builders due to the combination of its size
and profitability, and the strength of its brand.
The Kaufman & Broad Universal Registration Document was filed with the
French Financial Markets Authority ("AMF") under No. D.20-023. It is
available on the AMF (www.amf-france.org [3]) and Kaufman & Broad
(www.kaufmanbroad.fr [2]) websites. It contains a detailed description of
Kaufman & Broad's business activities, results, and outlook, as well as the
associated risk factors. Kaufman & Broad specifically draws attention to the
risk factors set out in Chapter 1.2 of the Universal Registration Document.
The occurrence of one or more of these risks may have a material adverse
effect on the Kaufman & Broad Group's business activities, net assets,
financial position, results, and outlook, as well as on the price of Kaufman
& Broad's shares.
This press release does not amount to, and cannot be construed as amounting
to a public offering, a sale offer or a subscription offer, or as intended
to seek a purchase or subscription order in any country.
Regulatory filing PDF file
Document title: Downward adjustement of dividend amount for 2019
Document: https://eqs-cockpit.com/c/fncls.ssp?u=AHFYONISJB [4]
1020153 09-Apr-2020 CET/CEST
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(END) Dow Jones Newswires
April 09, 2020 15:07 ET (19:07 GMT)
