Date: 14 June 2023
Release: Before opening of Euronext
Eurocommercial’s Annual General Meeting declares the
total 2022 dividend
Eurocommercial Properties N.V. announces that the Annual General Meeting, which was held on
13 June 2023, has declared a total dividend for the financial year ended on 31 December 2022 of
€1.60 per share.
On 27 January 2023 an interim cash dividend of €0.60 per share was paid (representing 40% of the
total cash dividend distributed in the financial year 2022, in line with the Company’s dividend policy),
leaving a final cash dividend of €1.00 per share to be paid on Friday 7 July 2023.
The ex-dividend date is Thursday 15 June 2023.
The final dividend in cash, net of 15% Dutch dividend withholding tax (the “Cash Dividend”) will be
made available to the shareholders via the financial institution where these shares are administered
at close of business on 16 June 2023 (the “Record Date”).
From the gross final cash dividend of €1.00 per share Dutch dividend withholding tax for an amount
of €0.15 will be deducted (15% of the cash dividend of €1.00). The shareholders will therefore
receive a net cash dividend of €0.85 per share.
Also, it has been decided to allow shareholders from 19 June 2023 until 15.00 hours (CET) on 30
June 2023, the choice of taking the dividend in the form of shares instead of taking the Cash
Dividend, in a ratio of one (1) share chargeable to the fiscal share premium reserve, for every twenty-four (24) shares held. To that end, for each one (1) existing share, one (1) dividend right will be created; twenty-four (24) dividend rights entitle the holder to one (1) new share which will rank for the dividend for the year 2023 and subsequent years (the “Stock Dividend”).
The ISIN code for dividend rights is NL0015001EJ0.
Shareholders have until Friday 30 June 2023 at 15:00 hours (CET) to make their choice known via
their financial institution. Financial institutions may set an earlier deadline for shareholders to make
their choice known in order to permit the financial institution to communicate these choices to the
paying agent ABN AMRO Bank N.V. If no instruction is given before 15.00 hours (CET) on 30 June
2023, the dividend will be payable in cash only. The Stock Dividend will be distributed on Friday 7
July 2023.
Shareholders should carefully consider whether to opt for a dividend in cash or a stock dividend, or
a combination of the two, and should calculate which option is most attractive taking into account
their individual circumstances.
A distribution of cash dividend is, in principle, subject to 15% Dutch dividend withholding tax (a lower
rate could be applicable under a tax treaty) while a distribution in new shares charged to the fiscal
share premium reserve of Eurocommercial is not. The scrip issue price of one (1) share chargeable
2 to the fiscal share premium reserve, for every twenty-four (24) shares held will most likely differ from
prevailing stock prices on Friday 7 July 2023, the distribution date and, therefore, may be less or
more attractive for a number of investors.
Due to the dividend distribution obligation associated with being a Dutch fiscal investment institution
(fiscale beleggingsinstelling) it may be possible that in the exceptional situation that all shareholders
jointly request to be paid out in new shares for more than 75% of the final dividend of €52.8 million,
such shareholders will then receive their Stock Dividend on a pro rata basis, whereby the remainder
being paid out in cash after deducting 15% Dutch dividend withholding tax.
Amsterdam, 14 June 2023
Board of Management
E.J. van Garderen
R. Fraticelli
J.P.C. Mills