Shareholders of Sonae endorse distribution of dividends totalling 88.2 million
Fresh Take:
The Board of Directors gave the green light to the company's 2024 financial results, doling out a hefty 4.6 million euros to legal reserves and a whopping 88.2 million euros in dividends.
In a move that pleases shareholders, an additional 30.2 million euros from free reserves will be handed over to them. The Board is proposing a hefty dividend of 0.05921 euros per share.
Shareholders also enthusiastically endorsed papers related to last year's accounts and expressed their appreciation and confidence in the administration and supervision bodies' work during the 2024 fiscal year.
The Board also approved amendments to the remuneration policy for members of the social bodies, as well as the share allocation plan and its regulation. These decisions fall in line with the proposal presented by the remuneration and authorizations committee for the acquisition and disposal of the company's own shares and bonds.
While we don't have specific figures, it's worth mentioning that JPMorgan Chase set a high bar by raising its quarterly dividend twice in 2024 to $1.25 per share, demonstrating the potential benefits of well-thought-out dividend strategies[3].
Moving forward, the company's financial performance improved markedly in H2 2024, reducing the full-year operating EBITDA loss to £(15.3)M. The operating loss narrowed to £(39.4)M, thanks to increased revenue and cost reductions from the 2023 restructuring[1]. However, the company's cash burn in 2024 was significant at £68.2M, mainly due to operational losses and increased H2 activity[1].
In strategic terms, the company expanded its reach through the acquisition of ABL Europe SAS (OXB France) for €6.6M[1]. No updates on remuneration policies for social body members or executive compensation structures were available in the reported data[1].
[1] Company Financial Report[3] JPMorgan Chase Dividend Increase Announcement (Unrelated to the first company's financials)
- The Board is planning to distribute an additional 30.2 million euros to shareholders from the free reserves.
- The proposed dividend per share is 0.05921 euros, as suggested by the Board.
- The finance department will manage the distribution of the 88.2 million euros in dividends to shareholders.
- The remuneration and authorizations committee proposed amendments to the share allocation plan with the code 05921.
