SKÅNES FAGERHULT, Sweden, April 15, 2020 /PRNewswire/ -- The Board of Directors of Concentric AB has decided to withdraw the previously communicated dividend proposal of SEK 4.50 to the Annual General Meeting on April 23, 2020. The Board instead proposes that no dividend is distributed to the shareholders for the 2019 financial year. At the same time, the Nomination Committee has chosen to withdraw the previously announced proposal to increase Board fees, instead proposing to maintain current Board fees.
Due to the current market situation caused by COVID-19, the Board of Directors has prioritized maintaining financial flexibility. Provided that the market conditions and visibility improves adequately over the year Concentric is planning to reassess the possibility of distributing a dividend later in 2020.
The financial position of Concentric is strong, both regarding capital structure and liquidity and as previously communicated Concentric is undertaking measures to adapt its operations to meet the customers requirements.
Concentric has decided that shareholders are to be able to exercise their voting rights by post before the annual general meeting (AGM). The company urges shareholders to use this option to minimise the number of participants present in person at the meeting, thereby helping to reduce the risk of spreading the virus that causes Covid-19.
Vote-by-post form and further information on voting by post will be available at www.concentricab.com and will be sent by post to shareholders upon request, provided they provide their postal address. Note that the vote-by-post forms must be received by the company not later than 21 April 2020.
Information on the Annual General Meeting may be updated as the situation develops. Continuously updated information on the Annual General Meeting will be available at www.concentricab.com
This information is information that Concentric AB is obliged to disclose in accordance with the EU Market Abuse Regulation. The information was submitted, through the above contact person, for publication at 08.30 CET on April 15, 2020.
For additional information, please contact:
Chairman of Board of Directors in Concentric AB
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
View original content:http://www.prnewswire.com/news-releases/the-board-of-directors-of-concentric-ab-withdraws-proposal-of-dividend-and-instead-proposes-no-dividend-to-the-shareholders-301040799.html
SOURCE Concentric AB