Key information regarding cash dividend to be paid by Atea ASA
On 20 October 2020, the Board of Atea ASA resolved to pay a cash dividend to shareholders in Atea ASA of NOK 5.00 per share.
The resolution to pay a cash dividend is in accordance with the power of attorney granted to the Board by the General Meeting on 22 April 2020.
In the Notice for the General Meeting dated March 17, 2020, it was written: “As of the date of this AGM notice, there is significant uncertainty on the duration of the coronavirus pandemic and its financial impact on the Group. Given the uncertainty of the business environment in 2020, the Board proposes to the AGM that it is granted the power of attorney to distribute a dividend, but may exercise this power of attorney at its discretion as market conditions allow.” The resolution was approved by the shareholders at the General Meeting.
Given the growth in Atea’s profitability since March 2020, the Board has determined to utilize its power of attorney and distribute an annual dividend to investors. The dividend payment of NOK 5.00 represents approximately 100% of the basic earnings per share of the Atea Group in 2019.
Key information regarding the dividend payment is as follows:
Dividend amount: 5.00 per share
Declared currency: NOK
Last day including right: 10.11.2020
Record date: 12.11.2020
Payment date: 19.11.2020
Date of approval: 20.10.2020
This information is published in accordance with the requirements of the Continuing Obligations. For Norwegian tax purposes, the dividend shall be considered as repayment of paid in capital.
The Board has resolved to update the dividend policy of the Atea Group to read as follows:
Atea's objective is to offer competitive returns to its shareholders through capital appreciation and a high dividend payout. The company's policy is to distribute approximately 70-100 percent of net profit after tax to shareholders in the form of a dividend. Any dividends proposed by the Board to the General Meeting shall be justified based on the company's dividend policy and its capital requirements, in accordance with the Norwegian Public Companies Act (allmennaksjeloven) § 8-1.
For further information, please contact:
Steinar Sønsteby, CEO Atea ASA, mobile (+47) 930 55 655
Robert Giori, CFO Atea ASA, mobile (+47) 934 09 188