New dividend proposal for fiscal year 2019
Following actions previously undertaken to support companies facing difficulties and the economy as a whole, Société de La Tour Eiffel, a leader in office properties within Greater Paris and high-potential regions, is responding to calls by French public authorities by proposing a reduced dividend of €2.0 per share, compared to the €2.25 announced when the company published its annual results on March 5, 2020.
The dividend will be distributed on June 15, 2020, subject to approval at the Shareholders' Meeting of 27 May 2020.
This decision was taken by the company's Board of Directors on 14 April 2020. The proposed dividend is sufficient to meet the Group's distribution obligations for the 2019 financial year as per the SIIC regime.
The distributions to be retained in the Company amount to €4.1m. This strengthens the property company's room for manoeuvre, given the support system recently established to assist tenants, in order to better cope with fallout from the economic crisis caused by the Covid-19 epidemic.
"Our financial strength and the resilience of our business model make it possible for us to meet all of our commitments. It therefore devolves to us, and to the shareholders who support us in this process, to answer the call by France's public authorities for solidarity, a value we count among our own, by adjusting our dividend," affirmed Thomas Georgeon, CEO of Société de la Tour Eiffel.
Postponement and arrangements for holding the General Meeting behind closed doors
The Board of Directors of the Société de la Tour Eiffel met on 14 April 2020 by conference call in order to postpone the Extraordinary and Ordinary General Meeting of the Company initially scheduled for 30 April 2020. It was thereupon determined to convene the Extraordinary and Ordinary General Meeting (hereinafter the Meeting) of the Company on 27 May 2020 at 10:00 am.
Due to the Covid-19 epidemic and ensuing containment measures and travel restrictions imposed by the French Government, the Board of Directors decided in accordance with the provisions of Article 4, Order No. 2020-321 of 25 March 2020, that the Meeting would exceptionally be held through a closed session, that is to say without any presence of shareholders and other persons understood as entitled to participate, whether physically, by telephone or via audio-visual conference.
Prior notice of the Meeting, including the Meeting agenda, the text of those resolutions submitted for approval at the Meeting and procedures for participating and voting at the Meeting, will be published within the regulatory timeframe in the Bulletin des annonces légales obligatoires (BALO).
Given the fact that shareholders will have no opportunity to attend the Meeting in person or to be physically represented at the Meeting, they may only vote by mail or assign proxy to the Chairman by mail using the form provided for this purpose. The mechanism for proxy voting will be adapted pursuant to new regulations soon to be published by the government.
Exceptionally, in view of the fact that shareholders will not be able to ask questions orally, nor propose amendments or new resolutions during the General Meeting, the Company has resolved to accept, process and address shareholders' written questions after the regulatory deadline and until 25 May 2020 at 8:30 am, when sent via e-mail to actionnaires@stoureiffel.com accompanied by the certificate of account registration.
Shareholders with questions relating to the Meeting of 27 May 2020 should send us an e-mail to the dedicated address actionnaires@stoureiffel.com.
Generally speaking, shareholders are invited to regularly consult the section dedicated to the Meeting on the website http://www.societetoureiffel.com/en/general-meetings for updated information.
Contact
| Press relations Laetitia Baudon - Head of Consultancy at the Shan agency Tel: + 33 (0)1 44 50 58 79 +33 (0) 6 16 39 76 88 laetitia.baudon@shan.fr | Investors relations Florent Alba - Head of Consultancy at the Shan Agency Tél: +33 (0)1 44 50 51 71 florent.alba@shan.fr |
| About Société de la Tour Eiffel Société de la Tour Eiffel is an integrated commercial real estate company with €1.9 bn in assets and a powerful service culture. It operates across the real estate cycle, supporting companies of all sizes and sectors, and directly manages assets in strong growth regions via a rigorous management process. The real estate company manages its real estate portfolio, which is currently growing fast, for the long term. It is implementing a strategic refocus on 100% office property, 80% in Greater Paris and 20% in the regions and is now established as a leading actor in the sector. Société de la Tour Eiffel is listed on Euronext Paris (Compartment B) - ISIN Code: FR0000036816 -Reuters: TEIF.PA - Bloomberg: EIFF.FP - A member of Indexes: IEIF Foncières, IEIF Immobilier France www.societetoureiffel.com |
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https://www.actusnews.com/documents_communiques/ACTUS-0-62963-press-release-societe-de-la-tour-eiffel-proposed-2019-dividend-per-share-revised-to-euro2.0-annual-general-meeting-postponed-to-27-may-2020-to-be-held-through-a-closed-session.pdf
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