The Board of Directors of Aro-Palace, under the stock ticker ARO, has convened the Extraordinary General Meeting of Shareholders (EGMS) for March 20th. On this date, shareholders will vote on the approval to put the Hotel Coroana-Postăvarul asset up for sale at a minimum price of EUR 8.4 million, as well as the empowerment of the Board to conduct negotiations.
On the agenda of the Ordinary General Meeting of Shareholders (OGMS), which will take place on the same day, a vote will be held on the distribution of RON 8.06 million to shareholders, specifically a gross dividend of RON 0.02 per share, according to a report published on the Bucharest Stock Exchange.
Based on the current trading price, the dividend yield reaches 5.7%.
The hotel company turned a profit of RON 350,000 in the first nine months of last year, compared to a loss of RON 1.1 million in the same period of 2021. Revenues totaled RON 18.5 million, up 40% from the previous level.
The company’s market value stands at RON 140 million, following an 8% depreciation of shares over the last 12 months, on a turnover of RON 41,000. The share capital is 85.7% owned by Transilvania Investments Alliance (TRANSI), followed by SIF Muntenia (SIF4) with 10.4%.
Frequently Asked Questions
What is the minimum sale price for Hotel Coroana-Postăvarul?
The minimum price established for the sale of the asset in Brașov is EUR 8.4 million.
What is the proposed dividend for Aro-Palace shareholders?
The company has proposed a gross dividend of RON 0.02 per share, which represents a yield of 5.7% based on recent trading prices.
When will the shareholders’ decision take place?
The vote for both the asset sale and the dividend distribution is scheduled for the shareholder meetings on March 20th.