The payment will be made out of the proceeds from the initial public offering of shares held by Fondul Proprietatea in electricity producer Hidroelectrica (H2O.RO). Depending on the current trading price of FP shares on the local stock market, the yield reaches 79.2%, in line with calculations by Ziarul Financiar (ZF) daily based on a stock market report.
The proposition for the registration date of shareholders is September 8 and for the ex-date is September 7. The actual payment date of dividends is expected to be September 29.
“The approval of the payment of a special dividend with a gross value of RON 1.4942 per share from the retained earnings according to the latest available audited financial statements. The payment will be made out of the proceeds from the initial public offering of shares held by Fondul Proprietatea in SPEEH Hidroelectrica S.A., in accordance with the supporting documentation. The shareholders approve that the payment of the dividends to start on the Payment Date of this OGM (as defined at point 2 of this OGM) to the persons registered as shareholders of Fondul Proprietatea on the Registration Date (as defined at point 2 of this OGM). Treasury shares do not constitute dividend entitlement,” according to Fondul Proprietatea representatives.
FP shares have been trading down 7.6% so far in 2023, amid deals worth over RON1 billion, ensuring a market value of RON11.7 billion.
Fondul Proprietatea sold a package of 89.7 million shares representing 19.94% of the total number of shares issued by Hidroelectrica. FP has held a minority stake in Hidroelectrica since the establishment of the Fund in 2005. The Romanian state represented by the Ministry of Energy as the majority shareholder has kept its 80.06% stake in Hidroelectrica. The Romanian state will not be able to sell Hidroelectrica shares in the first 12 months after the listing, with certain exceptions provided in the prospectus.
Hidroelectrica ended the first quarter of 2023 with revenue of RON3.37 billion, up 37% on the year, and a profit of RON1.74 billion, up 34% compared to the same period of 2022.
Hidroelectrica shares ended the first trading session on the Bucharest Stock Exchange at the same price they started, RON110, an increase of 5.77% on the final price of the IPO, RON104. The investors who bought shares at a discount of 3% in the first five days of the IPO could see a 9% yield on Wednesday, according to ZF’s calculations based on the brokers’ platforms.