The General Shareholder Meeting approves Lar España Real Estate SOCIMI, S.A.’s first dividend proposal
Lar España will pay out its first dividend (€0.033/share) on 28th May 2015.
The Company intends to maintain a dividend policy which gives due regard to sustainable levels of dividend distribution and reflects the Company’s return forecast. The Company intends to pay dividends when the Board considers it appropriate. However, under Spanish SOCIMI Regulations, the Company will be required to adopt resolutions for the payment of dividends to its shareholders, after fulfilling any relevant Spanish Companies Act requirement. Payment must be made within six months following the end of the financial year, in the following way: (i) at least 50% of the profits derived from the transfer of real estate properties and shares in Qualifying Subsidiaries and real estate collective investment funds. The remainder of these profits must be reinvested in other property or investments related to the performance of the SOCIMI within three years of the transfer date. Otherwise, these profits must be distributed in full together with any profit earned, where applicable, in the year in which the reinvestment period expires; (ii) 100% of the profits derived from dividends paid by Qualifying Subsidiaries and real estate collective investment funds; and (iii) at least 80% of all other profits obtained (i.e., profits derived from additional activities). If the relevant dividend distribution resolution was not adopted within the legally established timeframe, the Company would lose its SOCIMI status, effective as of the year corresponding to said dividend distribution.
Only shareholders that are registered in the clearance and settlement system managed by Iberclear at 23:59 hours (Madrid time) on the day of approval of the relevant dividend distribution will be entitled to receive the dividend payments. Dividends will be received by holders of Ordinary Shares at such time. Unless otherwise agreed by the Shareholder Meeting or the Board, the by-laws state that the payment shall be made 30 days after the dividend distribution is approved.