“The board has resolved to offer to shareholders the election to receive a return of capital by way of an issue of 2.694 new NEPI shares for every 100 NEPI shares held at an issue price of EUR4.80 per share or a cash dividend of EUR0.1293 per share,” NEPI said in a statement.
It said a cash dividend will be paid to shareholders unless they elect to receive a return of capital.
The dividend offered is 15% higher than the EUR0.1124 a share dividend paid out for the first six months of 2012.
The cash dividend will be paid out of the company’s distributable profits, while any new NEPI shares to be issued pursuant to the return of capital will be funded by way of a reduction of capital, the South African fund said.
NEPI reported a profit attributable to shareholders of EUR21.7 million in the first half of 2013, up 51% on the year.
NEPI was the first property fund listed on the Bucharest Stock Exchange, on a dedicated segment for real estate investment trusts (REITs). The fund is also listed in Johannesburg and London.
Monday, NEPI closed flat at 30.4 lei (EUR6.854) a share in Bucharest. (EUR1=RON4.435)