Hexagon - EGM 01 December 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, Hexagon is in compliance with the Swedish regulations relating to the organization and procedures of the Extraordinary General Meeting.
Under ITEM 7 the board of directors proposes to distribute an extraordinary dividend of EUR 0.62 per share. ECGS notes that the Company decided to refrain from dividend payments at the AGM 2020 in view of the Covid-19 pandemic. As such it is proposed to increase the aggregate dividend per share from EUR 0.59 to EUR 0.62 (+5%). The (proposed) dividend is covered by FCF as well as in accordance with the Company’s dividend policy. ECGS furthermore notes that Hexagon’s (financial) results to date of this report, although somewhat deteriorated (EPS Q3-end 2020: EUR 1.14 vs EPS Q3-end 2019: EUR 1.38 and revenues were down by 4%) are sufficiently healthy to warrant the (proposed) extraordinary dividend payment. In view of the above, ECGS recommends to vote FOR.
Under ITEM 8 the board of directors seeks approval of a LTIP. Apart from the performance condition attached, ECGS has no (major) concerns over the proposed LTIP. Accordingly, ECGS recommends to vote FOR.
Hexagon is engaged in the provision of integrated design, measurement and visualization technologies. Co. has two segments: measurement technologies, which consist of Geosystems that captures, processes and stores position-related information, Metrology, which provides manufacturing evaluation, process qualification and final parts inspection, and Technology, which provides engineering software as well as geospatially powered solutions; and Other Operations, which focuses on the transportation industry in the car and heavy vehicle segments. The Other Operations conducts its business in the Nordic region.
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