Aroundtown - EGM 15 December 2020
There is no quorum of presence requirement for the Ordinary General Meeting (OGM). The agenda items are adopted by a simple majority of the votes validly cast by shareholders duly present or represented. Each share is entitled to one vote.
In accordance with article 1(1) of the law of 23 September 2020 on measures concerning meetings in companies and other legal entities, the Company will not hold a physical meeting. Shareholders have the opportunity to follow the OGM live via an audio webcast.
Under Item 1, we appreciated the suspension of the dividend proposed at the last AGM in June because of the pandemic, but, in view of the Board's arguments, we agree with the current decision to reduce the budgeted dividend by 50%, what seems to us a good proportion, considering moreover that the distribution is largely covered by earnings.
The Board of Directors anticipates that shareholders will have the choice of receiving the dividend either in cash or in the form of new shares in the Company: the terms will be communicated after the OGM. In consideration of the low pay-out ratio (only 12.5%) and the low discount rate applied previously (4% in 2019), we recommend to vote FOR.
Aroundtown Property Holdings Plc (Co.) is a specialist real estate investment group, focusing in the German real estate markets. Co. covers the main real estate segments which benefit from strong fundamentals and growth prospects: residential (through its holding in Grand City Properties S.A.), commercial and hotel properties. The Co.'s vision is buying, redeveloping, turning around and optimizing real estate properties in Germany.
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