Elettronica
EVS Broadcast Equipment invites its shareholders to a Combined General Meeting on May 20, 2014
The Board proposes a dividend translating into a pay-out ratio of 86%, in line with the average of the last 10 years
EVS Broadcast Equipment, the leading provider of live video production systems, today published the invitation to its combined Ordinary, Special and extraordinary General Meeting, to be held on May 20, 2014, at its headquarters in Liège.
Aside from the usual topics, the Board of Directors will propose shareholders, during the Ordinary General Meeting , to approve the following resolutions:
The dividend proposal (18.2% lower than 2012) takes into account the 18.5% decrease of net profit in an uneven year 2013, the reviewed budget for the new headquarter (between EUR 55 million and EUR 60 million), mainly due higher investments in future-proof equipment), the willingness to keep some financial flexibility if the company needs to accelerate investments for growth and the cautiousness of the EVS management relating to the short term market conditions (as announced in 2013 results press release). The Board has also decided to adapt the dividend policy. As from 2013, the Board of Directors has established a dividend policy which aims at paying a high portion of the net profit, taking into account the cash needed to finance the company growth, and with a maximum pay-out ratio of 100%. This EUR 2.16 dividend represents a pay-out ratio of 85.7% (in line with average of last 10 years) and a dividend yield of 4.4% (gross dividend divided by average share price in 2013);
In line with the desire of the Board to increase the number of independent Directors, an internal rule has been set to limit non-executives Board mandates duration to a maximum of 12 years or 3 successive mandates. Therefore, Francis Bodson, Jean Dumbruch and Jacques Galloy are not re-eligible as they have been Board members for more than 12 years . They have all three been instrumental in building the success of EVS since a long time. The Board wants to express its sincere gratitude for their continued support and longstanding commitment to the development of the group.
A Special General Meeting will follow the Ordinary General meeting to propose shareholders to approve change of control clauses in relation with the EUR 24 million senior debt secured in last November 2013 with BEI, ING and BNPPF.
An Extraordinary General Meeting will also take place, to propose shareholders to renew the authorizations given to the Board to buy back shares and to use the authorized capital procedures. Both authorizations are not valid in case of takeover bids.
All documents relating to the combined General Meeting of May 20 are available on the website of EVS Broadcast Equipment at www.evs.com , including the 2013 financial annual report.
Copyright GlobeNewswire
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