OT Logistics intends to pay dividends in 2023

The Management Board of OT Logistics expects that next year the company will pay the dividend, but does not yet know whether the total amount of the dividend in 2023 will take into account the funds not paid this year, informed board member Daniel Górecki.

The intention and plan is to regularly pay dividends. This year it failed for formal reasons. We're assuming that this will work next year, and that will be our intention. On the other hand, whether this dividend will be increased by this profit, which was not split this year – talk about it too quickly. [...] We hope that this will be possible and that it will be possible to pay high dividends.
Daniel Górecki, OT Logistics board member

In October, the company informed that the interim judicial supervisor, established in connection with the application for bankruptcy of OT Logistics, had not given consent to the dividend payment, meaning that one of the conditions for payment had not been fulfilled. The total profit for 2021 in the amount of PLN 74.17 million will be allocated to spare capital.

At the end of July, the ordinary general meeting of OT Logistics adopted a resolution on the distribution of profit for 2021, which provides for a conditional dividend payment for shareholders of PLN 1 or PLN 1.09 per share.

The dividend was to be paid on the following basis:

1. In case of cumulative fulfilment of the conditions described in paragraph 3 (a-c) below before the date of the determination of the dividend right (dividend day) and registration before the date of the dividend of series E shares in the National Securities Depository, the amount of PLN 13,098,780, i.e. PLN 1 per share will be paid. The dividend will include 13 098 780 shares of the company.

2. In case of cumulative fulfilment before the dividend date of the dividend payment conditions described in paragraph 3 (a-c) below and non-registration before the dividend date of series E shares in the National Securities Depository, the amount of PLN 13,078,670.2 will be paid to the shareholders of the company, i.e. PLN 1.09 per share. The dividend will be 11 998 780 shares of the company.

3. The dividend shall be paid on the basis of either paragraph 1 or paragraph 2 in the event of the cumulative fulfilment before the dividend date of the following dividend payment conditions:

(a) obtaining by the company, expressed in accordance with the terms of the issue of the bonds and the generally applicable provisions of the right of consent for the payment of dividends from the bondholders issued by the company of the series G bonds, or the payment of those bonds,

(b) obtain by the company, expressed in accordance with the terms of the issue of the bonds and the generally applicable provisions of the right of consent to pay dividends from the bondholders issued by the company of the series H bonds, or to pay off those bonds,

(c) the existence of one of the following events: (i) the final rejection or dismissal of the application for bankruptcy of the company under consideration by the Szczecin-Central District Court in Szczecin under the signature XII Gu 318/21, or (ii) the granting by the temporary judicial overseer established in the above-mentioned proceedings of the consent to pay the dividend, or (iii) the final waiver of the security consisting of the establishment of the temporary judicial supervisor established in the above-mentioned proceedings.

In the event that the dividend was not fulfilled before the dividend date, the total amount of the net profit of the company for 2021, i.e. PLN 74 165 810.57, was to be transferred to the reserve.

Source: ISBnews