Estonia: Arco Vara shareholders approve dividend of 6 cents per share

• Published date: 17 May 2022
• Publication title: LETA

TALLINN, May 17, BNS - The annual general meeting of listed Estonian real estate developer Arco Vara held on Tuesday endorsed the proposal to pay a dividend of 0.06 euros per share to shareholders.

The dividend will be paid out in four instalments -- 0.02 euros per share will be paid to shareholders on June 15 by transfer to the shareholder's bank account, 0.01 euros per share will be paid to shareholders on Sept. 15, 0.02 euros per share will be paid on Dec. 15 and 0.01 euros per share will be paid on March 15, 2023. The list of shareholders entitled to respective dividends shall be fixed on the eighth day of each of the four months, Arco Vara told the stock exchange.

"Thus, Arco Vara is paying a dividend of six cents per share. This is 50 percent more than the minimum required by the dividend policy approved last year, despite the turbulent times," head of Arco Vara Miko Niinemae said.

The dividend policy approved by Arco Vara last year guarantees shareholders a dividend of at least 1 cent per share each quarter. This may be boosted by an addition dividend, depending on the audited net profit of the preceding financial year.

The head of the company added that although in Estonia, shareholders are used to a dividend payment once a year, this is a completely common phenomenon on the New York stock exchange, for example. A quarterly dividend policy gives the investor the opportunity to earn additional income four times a year instead of once, because the dividend is paid in four installments.

The general meeting of shareholders also approved the financial report for 2021, according to which the company...