The Board of Directors of State Printing House Plc proposes payment of HUF 784,116 thousands dividend which means HUF 53 per share. According to the proposals, the AGM to be held on 30 March will decide on the modification of the share option programme as well.
In spite of the economic crisis, State Printing House Plc which is free of loans has finished its best year during its history. The Board of Directors proposes the payment of HUF 784,116 thousands. According to this, 58% of the HUF 91 EPS will be paid after the HUF 1,318,323 thousands net income. Dividend after treasury shares owned by the Company will be paid to the shareholders proportionately at the date of dividend payment on 20 May 2009. Considering the current number of treasury shares, dividend per share amounts to HUF 54.55.
Due to increasing regional risk, the price of State Printing House Plc shares has significantly decreased like in the case of most stock exchange companies. As a result, the Board of Directors proposes the review of the share option programme. According to the proposal, management members shall continue to call the 800,000 pieces of ordinary shares included in the option programme in three sections until 2013. However, the Board of Directions proposes to change the target share price of each section to HUF 1000, 1250 and 1500 so that the programme contains achievable targets besides current share prices on the medium term.
Gábor Zsámboki CEO, member of the Board of Directors commented:
‘Under the present economic circumstances and due to expensive loans and soaring EUR exchange rate, our primary target is to keep stability and the trust of our shareholders. The dividend proposal may create an adequate balance between servicing our shareholders and keeping the margin ensured by cash holdings. At the same time, the stable cash generating ability and the technical competitive advantage of State Printing House Plc ensures medium and long term growth after the crisis as well. ‘
State Printing House Plc