Yavor AD Not To Distribute 80 Leva Dividend per Share

Yavor AD Not To Distribute 80 Leva Dividend per Share

The shareholders of furniture maker Yavor AD of Varna decided at a general meeting that the company will not distribute dividend for 2007, the Bulgarian Stock Exchange (BSE) said.

A draft proposal envisaged that a total of 9.003 mln. leva be distributed as dividend, which would have translated into 80 leva dividend per share. Further 2.244 mln. leva had to be allocated to offset the losses from previous years, according to the draft proposal. The remainder of the sum had to be allocated to the Reserves Fund.

The tender offer of Intercom Group of Varna towards the minority shareholders in Yavor AD is currently in effect. Intercom Group owns directly and through connected persons 90.12% of the capital of the company. The tender offer amounts to 134.20 leva per share.

Yavor AD booked 17.234 mln. leva profit for 2007. The figure may be attributed to the sale of a property by Yavor in October 2007, estimated at 14.4 mln. euro (VAT included).

Yavor posted 1.063 mln. leva profit for 2006. The issued capital of the company stood at 113,000 leva, which means that the earnings per share amounted to 152.5 leva.

The news on the distribution of 80 leva dividend per share sent the price of Yavor's stock to over 140 leva per share in January. No deals in the stock were sealed today. The bid/ask rates stand at 134.00/156.00 leva per share.

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