Dividend on preference shares
Having regard to the current economic situation in Russia and the uncertain effect this may have during the year on Ferronordic Machines’ cash position and working capital requirements, the board is of the opinion that it would not be prudent to make a resolution already at the AGM on 19 May 2015 to pay dividends on the company’s preference shares when the record dates for the dividend payments do not occur until October 2015 and April 2016. The board therefore proposes that, for the time being, no dividends be paid on the preference shares. If the Board later comes to the conclusion that a payment of dividends on the preference shares will be possible, the board will convene an extraordinary general meeting in the beginning of October 2015 and/or April 2016 where a resolution can be made to pay dividends on the preference shares.
The outstanding dividend payment of SEK 50 per preference share, approved by the AGM on 20 May 2014 and with record date on 24 April 2015, will be paid as scheduled.
About Ferronordic Machines
Ferronordic Machines is the authorized dealer of Volvo Construction Equipment and Terex Trucks in Russia. The company began its operations in June 2010 and has expanded rapidly across Russia and is today well established in all federal districts with over 70 outlets and approximately 750 employees. In addition to distributing and providing aftermarket support to Volvo Construction Equipment machines, the company has also been appointed aftermarket dealer for Volvo and Renault Trucks as well as dealer for Volvo Penta in certain parts of Russia. The company has also signed up some other high quality brands such as Logset and several attachment manufacturers. The vision of Ferronordic Machines is to be regarded as the leading service- and sales company in the CIS markets. The preference shares of Ferronordic Machines are listed on NASDAQ OMX First North Premier. The company has appointed Avanza Bank AB as its Certified Advisor.
Having regard to the current economic situation in Russia and the uncertain effect this may have during the year on Ferronordic Machines’ cash position and working capital requirements, the board is of the opinion that it would not be prudent to make a resolution already at the AGM on 19 May 2015 to pay dividends on the company’s preference shares when the record dates for the dividend payments do not occur until October 2015 and April 2016
For more information, please contact:
Anders Blomqvist, CFO and Head of IR, Tel: +46 8 5090 7280 pr@ferronordic.ru
Ferronordic Machines discloses the information herein pursuant to the Securities Markets Act and/or the Financial Instruments Act. The information was submitted for publication on 20 April 2015, 07:45 CET.
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