- Shareholders can choose to receive the dividend exclusively in cash or partly in cash and partly in the form of shares in the Company (Scrip Dividend)
- Company plans to issue new shares from existing authorised capital
- As in 2014, Scrip Dividend seen as an attractive and innovative opportunity for GRENKE’s shareholders to enhance their commitment to the Company
Baden-Baden, March 21, 2016: GRENKE plans to offer its shareholders the option of receiving their dividends exclusively in cash or partly in cash and partly in the form of shares in GRENKELEASING AG (Scrip Dividend). Based on the Company’s favourable development in 2015, the Board of Directors and the Supervisory Board will propose a dividend for the 2015 fiscal year of EUR 1.50 per share to the Annual General Meeting of GRENKELEASING AG on May 3, 2016. This represents a distribution of EUR 22.1 million. For technical reasons, the dividend payment is now scheduled for June 1, 2016 rather than May 30, 2016, which was the date previously communicated in our ad hoc release on February 4, 2016.
"GRENKE’s shareholders have the choice once again to receive their dividend in the form of additional shares in GRENKE. This gives shareholders an opportunity to increase their commitment to GRENKE. By reinvesting their dividend in the Company, shareholders can bolster the GRENKE Consolidated Group’s financial position and equity and support the growth strategy", commented Wolfgang Grenke, Chairman of the Board of Directors of GRENKELEASING AG.
"We are offering a 2.0% discount to the established market price to those shareholders who opt to receive the Scrip Dividend. The subscription price is expected to be announced on our website and via other media channels on May 20, 2016", explained Jörg Eicker, Chief Financial Officer of GRENKELEASING AG.
Following GRENKELEASING AG’s Ordinary Annual General Meeting, the Company’s existing authorised capital is expected to be utilised, and a capital increase against contribution in kind with shareholder’s subscription rights is expected to be resolved in order to create the new shares of GRENKELEASING AG required for the Scrip Dividend.
The subscription offer for new shares is expected to be announced on May 4, 2016. After the announcement, GRENKE shareholders can decide for or against the Scrip Dividend during the period on and between the dates of May 4, 2016 and May 23, 2016. Shareholders who decide against the Scrip Dividend or who do not submit a reply will receive the customary cash dividend presumably on June 1, 2016. The new shares are scheduled to be delivered on June 6, 2016.