Turin, May 27, 2020.
The Board of Directors of BasicNet
S.p.A., in a meeting today chaired by Marco Boglione, having reviewed the Company's situation, approved the re-proposal to the Shareholders' AGM of the distribution of a dividend and the purchase and disposal of treasury shares, which was drawn up for the Shareholders' AGM called for April 9 last. The Shareholders' AGM, called for June 26 next in single call, shall consider the following proposals:
approval of the 2019 financial statements, as already approved by the Board of Directors at its meeting of March 4, 2020;
allocation of the net profit;
authorisation for the purchase and disposal of treasury shares.
In order to minimise the risks connected with the health emergency in progress, the Company shall make use of the option as per Article 106 of Legislative Decree No. 18/2020 - to provide in the call notice that shareholders' participation in the Shareholders' AGM shall be exclusively through the designated agent pursuant to Article 135-undecies of Legislative Decree No. 58/98 (CFA) - without physical participation by shareholders.
The Board of Directors confirmed to the Shareholders' AGM the distribution of a dividend of Euro 0.12 per share in circulation, for a total value of approx. Euro 6.4 million.
The dividend will be paid from July 8, 2020, with record date of July 7, 2020 and coupon date (No. 13) of July 6, 2020.
The proposal to authorise the purchase and disposal of treasury shares, which has been in force for more than 10 years, seeks also to provide the Company with a strategic financial instrument, establishing a portfolio of treasury shares to tap into any future opportunities to grow the value of the Company
Shares shall be purchased and disposed of in compliance with the applicable legal provisions. The authorisation is requested for the period until the Shareholders' AGM called to approve the 2020 Annual Accounts and for a maximum financial commitment of Euro 10 million. Any purchases shall be made on the regulated markets in accordance with the regulations in force.
With the execution of the treasury share purchase programme, authorised by the Shareholders' AGM of April 19, 2019 and completed on December 13, 2019, BasicNetholds a total of 7,863,255 treasury shares (equal to 12.9% of the share capital), for an investment of Euro 22.2 million.
Documentation and other information
The 2019 Annual Financial Report, including the Separate Financial Statements, the Consolidated Financial Statements, the Directors' Report, accompanied by the Consolidated Non-Financial Report and the Corporate Governance and Ownership Structure Report, in the versions approved by the Board of Directors on March 4, 2020, and the reports of the Independent Audit Firm and the Board of Statutory Auditors, have already been made available on the 1info authorised storage mechanism (www.1info.it) and on the company website (www.basicnet.com), as made public for the Shareholders' Meeting of April 9, 2020. This documentation shall be updated with regards to the allocation of the net profit on the basis of the resolutions taken today by the Board of Directors. The illustrative reports with the proposals and the additional documentation concerning the Shareholders' Meeting called shall be made available according to the applicable terms.