As a Belgian REIT, Befimmo has the obligation to distribute a dividend at a minimum of 80% of the “results”.
The assumptions used for making the forecasts* published in February 2019 indicate that (at constant perimeter) the consolidated EPRA earnings (group share) of €3.36 per share should be achieved in fiscal year 2019. Taking into account the disposal of the Pavilion building, which realised a capital gain** of €0.30 per share during the current fiscal year, the distributable amount of the fiscal year is estimated at €3.66 per share.
Unless other factors intervene, and at this stage of the fiscal year, on 18 July 2019 the Board of Directors confirmed the dividend forecast for the fiscal year (€3.45 gross per share).
In October 2019, the Board decided to distribute an interim dividend for the fiscal year that amounts to €2.59 gross per share.
On 20 November 2019, the Board of Directors decided to offer, by means of an optional dividend, the following choice to the shareholders:
- to receive the dividend associated with their shares in cash,
- to contribute their dividend entitlement into the Company’s capital in exchange for new shares, or,
- a combination of these two preceding choices.
The Information Note, the Special Report of the Board of Directors and the Auditor's Report are available here.
Shareholders are invited to notify their financial institution of their choice among the three payment methods (described before) between 2 December 2019 and 13 December 2019 (4.00 PM CET) inclusive. Shareholders who did not express their choice during this period will receive payment of their interim dividend in cash. The results of this offering will be notified on 17 December 2019 (after closing of the stock exchange). The new shares will be listed and traded as from Friday 20 December 2019. The financial service is provided by ING Belgium (principal paying agent) or any other financial institution.
The decision to declare a final dividend of €0.86 gross per share for the 2019 fiscal year could be placed on the agenda of the Ordinary General Meeting of shareholders to approve the accounts at 31 December 2019, to be held on 28 April 2020.
*For more information, please see pages 91 to 97 of the Annual Financial Report 2018.
** Net of the absence of income from the building in 2019.
The dividend in subsequent years will depend on the economic climate, the investment opportunities that the Company takes, and its degree of success in implementing projects as well as in the development of the coworking activity, while continuing to benefit from a stable income, thanks to the defensive nature of its property assets.
The Company’s financial service is provided by ING Belgium.
Contact information :
ING Belgium Cours St Michel 60 - 1040 Brussels
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