Board of Directors of Quartiers Properties proposes resumption of ordinary dividends on preference shares - Strong business momentum brings decision forward
Quartiers Properties AB (publ) ("Quartiers" or the "Company") intends to convene the Company's shareholders to an Extraordinary General Meeting in the near future to decide on the proposal to resume ordinary dividends on the Company's preference shares with the planned payment in September 2023. The previously unpaid dividends plus interest, amounting to approximately SEK 3.7 per preference share, are to be paid if and when the outcome of the process with new building rights at Boho Club and Centro Forestal Sueco is deemed to provide improved financing terms for the company and the company's financial position otherwise permits such payment.
Before the 2020 Annual General Meeting and subsequent Annual General Meetings, it was decided not to pay dividends on the Company's preference shares due to the effects of the corona pandemic and subsequently increased uncertainty and changed business conditions for the Company. According to the articles of association, preference share dividends that are not paid on the specified record date shall be increased cumulatively from day to day by a factor corresponding to an annual interest rate of 12 per cent from the time when payment should have been made according to the articles of association. The accumulated unpaid dividend plus interest amounts to approximately SEK 3.7 per preference share.
The proposed preference share dividend of 72 öre per preference share consists of an ordinary preference share dividend of 24 öre per preference share with record dates until the Annual General Meeting 2024 (i.e. 30 September 2023, 30 December 2023 and 31 March 2024). In total, the general meeting is thus proposed to decide on dividends of approximately SEK 4.87 million.
The decision is made possible by the recent development in the Company where Boho Club performs well and generates strong growth from the previous year, as well as success with new building rights and strong apartment sales during the second quarter of 2023. In total, seven apartment sales have been completed during the quarter and another two have been contracted with access during July and August. The total sales value of the apartments amounts to approximately SEK 40 million.
"Marbella and its surroundings are growing strongly, supported by robust driving forces based on a genuine desire to live and holiday in the region. The target group is international, financially strong and consists of a new younger generation of entrepreneurs, business leaders and successful careerists who have the opportunity to have the Spanish Costa del Sol as a base. This together with the strong momentum we see in the Company right now gives us the confidence to make this decision already now", comments CEO Marcus Johansson Prakt.
Quartiers Properties AB (publ) is required to disclose this information under the EU Market Abuse Regulation. This information was provided for publication through the agency of the contact person above at 9.00 a.m. on 3 July 2023.
Mangold is the company’s Certified Adviser. Mangold can be contacted on +46 (0)8 503 015 50 or by emailing ca@mangold.se.
Please address questions to:
Quartiers Properties
Marcus Johansson Prakt, Chief Executive Officer
Email: marcus.prakt@quartiersproperties.se
Phone: +46 72 018 59 98
The company in brief
Quartiers Properties is a Swedish property development company with a focus on excellent design and quality, and is active on the Spanish Costa del Sol. The company was founded in 2014, since when it has built up a portfolio of investment properties and project properties. The company develops, sells and rents out properties.
Quartiers Properties owns and manages Boho Club, which is a boutique resort in Marbella’s Golden Mile district with a restaurant and 40 hotel rooms. The project has won awards for its design and architecture, and since its launch in 2019, both the hotel and the restaurant have established themselves as leading venues in Marbella. Visit Boho Club website www.bohoclub.com to book a hotel room or reserve a table at the restaurant. The restaurant is open daily, serving breakfast, lunch and dinner.
Quartiers Marbella Apartments is an apartment complex in Benahavís, the neighbouring municipality to Marbella, where Quartiers runs apartment rental operations. The apartments are ideal for short- and long-term accommodation and are popular among families, as well as groups visiting Marbella for leisure purposes, fitness holidays or to play golf. Visit our website www.quartiersmarbella.com to book your apartment.
Hacienda Collection is an apartment project in Benahavís just outside Marbella, where Quartiers Properties is selling apartments that are ready for immediate occupancy. The apartments are located in a gated community featuring wonderful views of the Mediterranean. These apartments feature a large, open floorplan with big windows, high-end kitchen, separate laundry room and 2–3 bedrooms. The spacious terraces offer plenty of scope for spending time with family and friends. Visit the website for additional information and to book an online or in-person viewing: www.haciendacollection.es.