Atrium European Real Estate Limited
EANS-News: Atrium European Real Estate Limited
PROPOSED SCRIP DIVIDEND PROGRAMME AND INTENTION TO HOLD AN EGM
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Company Information/Dividend Announcements/Distribution
St Helier, Jersey / Channel Islands -
ATRIUM ANNOUNCES PROPOSED SCRIP DIVIDEND PROGRAMME AND
INTENTION TO HOLD AN EGM
Jersey, 29 May 2020. Atrium European Real Estate Limited (VSE/Euronext: ATRS),
("Atrium" or the "Company"), a leading owner, operator and redeveloper of
shopping centres and retail real estate in Central Europe, announces the
introduction of a voluntary Scrip Dividend Programme. The programme will be
subject to the required shareholder approval being obtained at an extraordinary
general meeting (the "EGM").
Atrium is encouraged by the ongoing easing of government restrictions on trading
in Poland, the Czech Republic and Slovakia where c.80% of the Company's gross
lettable area is now open. Atrium maintains strong liquidity, with a cash
balance of EUR326 million including drawn down credit facilities and low
leverage of 34.5%. Given the ongoing uncertainty as a result of the pandemic and
its impact on trading, the Company believes that the implementation of a Scrip
Dividend Programme is a prudent initiative which provides additional flexibility
to address the challenges presented by the COVID-19 pandemic.
Scrip Dividend Programme
* The Board has resolved, subject to the required shareholder approval being
obtained, to offer shareholders (the "Shareholders") the option to receive
each of the Q2, Q3 and Q4 2020 dividend distributions either in cash ("Cash
Dividend") or in newly issued shares at a 2% discount to the reference share
price ("Scrip Dividend") via a Scrip Dividend Programme (the "Programme"). The
Company's dividend policy continues to be subject to quarterly review.
* The quarterly dividend distribution for Q2 of 2020 is maintained at EURcents
6.75 per share.
* Unless a Shareholder informs the Company that it elects to receive the Scrip
Dividend, the Cash Dividend will be distributed.
* Both the Cash Dividend and Scrip Dividend shall be deemed a repayment of
capital.
Extraordinary General Meeting
Atrium furthermore announces today that it will hold the EGM in order to obtain
the required shareholder approval at 09:00 a.m. (UK time) on Monday, 15 June
2020 at the offices of Aztec Financial Services (Jersey) Limited at 11-15 Seaton
Place, St Helier, Jersey, JE4 0QH. An EGM circular providing further details of
the proposed resolutions and the EGM and supporting documentation has been
published and is available on the Company's website https://www.aere.com [https:
//www.aere.com/]. The Shareholders' approval of the scrip dividend will be
effective until the next annual general meeting.
Due to the present travel restrictions and precautions to protect public health
and acknowledging official advice from the States of Jersey, there will be no
provision for Shareholders to physically attend the EGM with participation by
Shareholders at the EGM to be by teleconference only.
Scrip Dividend documentation and instructions
A circular setting out further details on the election being offered to
Shareholders pursuant to the Programme, which, among others, will include the
election instructions and information on the reference share price, will be
posted to Shareholders following the EGM, if the required Shareholder approval
has been obtained, and will be available on the Company's website.
Updated dividend timetable
The implementation of the Programme will have timing implications for the
scheduled dates for the Q2 2020 dividend distribution, most notably the Q2
dividend payment date is moved from 30 June 2020 to 8 July 2020. The complete,
revised Q2 2020 dividend distribution timetable is set out below.
___________________________________________________________________
|Q2 dividend |
|___________________________________________________________________|
|Event |Time and/or date |
|________________________________________|__________________________|
|EGM |9.00 a.m. on 15 June 2020 |
|________________________________________|__________________________|
|Q2 Ex-dividend date |16 June 2020 |
|________________________________________|__________________________|
|Q2 Dividend record time |6.00 p.m. on 17 June 2020 |
|________________________________________|__________________________|
|Commencement election period Q2 dividend|09.00 a.m. on 18 June 2020|
|________________________________________|__________________________|
|Conclusion election period Q2 dividend |5.30 p.m. on 2 July 2020 |
|________________________________________|__________________________|
|Q2 Dividend payment date |8 July 2020 |
|________________________________________|__________________________|
In addition, the implementation of the Programme will result in a change in the
previously announced ex-dividend dates for Q3 and Q4 2020 dividend
distributions. Subject to the required shareholder approval being obtained, the
revised ex-dividend dates for the Q3 and Q4 2020 dividend distributions will be
published on the Company's website https://www.aere.com [https://www.aere.com/
] on or after the date of the EGM.
For further information:
FTI Consulting Inc.: +44 (0)20 3727 1000
Richard Sunderland/Claire Turvey/Ellie Sweeney/Andrew Davis:
atrium@fticonsulting.com [atrium@fticonsulting.com]
About Atrium European Real Estate
Atrium is a leading owner, operator and redeveloper of shopping centers and
retail real estate in Central Europe. Atrium specializes in locally dominant
food, fashion and entertainment shopping centers in the best urban locations.
Atrium owns 26 properties[1] with a total gross leasable area of over 809,0001
sqm and with a total market value of approximately EUR2.6 billion1. These
properties are located in Poland, the Czech Republic, Slovakia and Russia, and
with the exception of one, are all managed by Atrium's internal team of retail
real estate professionals.
The Company is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Commission as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the Euronext Amsterdam Stock Exchange. Appropriate professional advice
should be sought in the case of any uncertainty as to the scope of the
regulatory requirements that apply by reason of the above regulation and
listings. All investments are subject to risk. Past performance is no guarantee
of future returns. The value of investments may fluctuate. Results achieved in
the past are no guarantee of future results.
[1] This excludes five assets in Poland that are classified as held for sale.
Further inquiry note:
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Richard.sunderland@fticonsulting.com
end of announcement euro adhoc
--------------------------------------------------------------------------------issuer: Atrium European Real Estate Limited
Seaton Place 11-15
UK-JE4 0QH St Helier Jersey / Channel Islands
phone: +44 (0)20 7831 3113
FAX:
mail: richard.sunderland@fticonsulting.com
WWW: http://www.aere.com
ISIN: JE00B3DCF752
indexes:
stockmarkets: Wien, Luxembourg Stock Exchange
language: English