Epiroc - EGM 27 November 2020
ECGS notes that as a result of the Covid-19 pandemic the EGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the EGM in person.
In general, Epiroc is in compliance with the Swedish regulations relating to the organisation and procedures of the EGM.
Under ITEM 6 the board of directors proposes to distribute an extraordinary dividend of SEK 1.20 per share. ECGS notes that Epiroc decided to reduce its initially intended dividend per share from SEK 2.40 to SEK 1.20 at the AGM 2020 in light of the Covid-19 pandemic. Taking the (proposed) extraordinary dividend per share of SEK 1.20 into consideration, the Company intends to reinstate its originally intended dividend of SEK 2.40 per share. As such it is proposed to increase the aggregate dividend per share from SEK 2.10 to SEK 2.40 (+14%). The (proposed) dividend is covered by FCF as well as in accordance with the Company¶s dividend policy. ECGS furthermore notes that Epiroc¶s (financial) results to date of this report, although somewhat deteriorated (EPS Q3-end 2020: SEK 3.13 vs EPS Q3-end 2019: SEK 3.66 and revenues were down by 14%) are sufficiently healthy to warrant the (proposed) extraordinary dividend payment. In view of the above, ECGS recommends to vote FOR.
Epiroc AB is a Sweden-based provider of solutions for rock drilling and excavation, demolition and recycling, which offers a range of equipment, service offerings and related spare parts, as well as consumables. The Company's operations are divided into two segments: Equipment & Service that comprises equipment for mining and rock excavation, exploration and infrastructure, and Tools & Attachments, which offers tools that are attached to larger machines that are used for drilling, demolition, recycling, rock excavation, and service for tools within the segment. Applications for products include blasthole drilling for tunneling, road, railway and dam construction, construction work, ground engineering, as well as for infrastructure applications. Epiroc AB sales products and services in approximately 150 countries.
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