Current Report 06/2022
09/05/2022 • 22:41
Subject:
Management Board recommendation on distribution of profit for the 2021 financial year and recommendation that the Annual General Meeting approve a treasury share buyback
Legal basis:
Art. 17 sec. 1 MAR – inside information.
Content:
The Management Board of R22 spółka akcyjna [“Company”] announces that on 09 May 2022 it adopted a resolution on presenting to the Company’s Supervisory Board and the Company’s Annual General Meeting [“AGM”] proposals and recommendations concerning distribution of the Company’s net profit for the financial year covering the period from 01.01.2021 to 31.12.2021. In those proposals, the Company’s Management Board proposes that the Company’s net profit for the financial year covering the period from 01.01.2021 to 31.12.2021 in the amount of PLN 20.008.100,95 be allocated in full to the Company’s supplementary capital. In a resolution dated 09 May 2022, the Supervisory Board issued a positive opinion on the Management Board’s recommendation concerning distribution of the Company’s net profit for the financial year covering the period from 01.01.2021 to 31.12.2021.
At the same time, the Company’s Management Board announces that on 09 May 2021 it adopted a resolution concerning the convening of the AGM and recommending that the AGM approve a treasury share buyback. Pursuant to the resolution, the Management Board will convene the AGM and present to it a draft resolution authorising the Management Board to conduct a treasury share buyback. The Company’s Management Board proposes allocating PLN 14.300.000 to the buyback of up to 260.000 treasury shares at a price not exceeding PLN 54,00 per share. The share buyback would run from the date of adoption of the resolution by the AGM until 30 June 2022. The buyback would be conducted by way of a public invitation or invitations to all Company shareholders to submit offers to sell shares.
The above proposal of the Management Board constitutes a departure from the Company’s dividend policy announced on 09 September 2019. The departure from the dividend policy results from the recommendation to the AGM to conduct a treasury share buyback. In the opinion of the Management Board, the treasury share buyback is justified by the current market situation and the level of the Company’s share price.
The final decision on distribution of the Company’s net profit for the financial year covering the period from 01.01.2021 to 31.12.2021 and approval of the treasury share buyback will be made by the AGM.