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Following a failed attempt by major shareholder Nicolas Saverys to delist Exmar, the gas tanker shipping company is planning a super dividend of 5.4 euros (gross). Such a distribution will allow Saverys to pocket nearly 260 million euros. And that without having to pay a withholding tax of 30 percent on it. For private investors, the situation is less rosy.

After two rounds of bidding, Saverys did not succeed in acquiring 95 percent of Exmar's shares. This, however, was a requirement for the gas tanker shipping company to be delisted. The counter eventually stuck at about 84 percent.

In the news: Saverex has requested an extraordinary and special general meeting of shareholders of Exmar.

  • At that meeting, the super dividend of 5.4 euros will be discussed. Exmar wants to pay out that profit share in two payments. It involves a payment of 1 euro gross per share from the available share premium and a payment of an interim dividend of 4.40 euro gross per share.

The details: The dividend payment is mainly good news for Saverys itself.

  • Inorder to buy massive shares in the shipping company, the major shareholder took out bridge loans with Exmar shares as collateral. So Saverys now needs money to repay those loans.
  • Moreover, as a major shareholder, he does not have to pay withholding tax on those proceeds.
  • The super dividend could earn him some 260 million euros.

What does all this mean for the small investor?

Zoom in: At first glance, a monster dividend is good news for the small investor. Yet there are a few snags.

  • Unlike Saverys, retail investors do have to pay a withholding tax. This brings the expected net dividend to 3.78 euros.
  • Such a hefty dividend payment can put significant pressure on the share price. On the so-called ex-dividend date, when the profit share is allocated, the share price usually falls by the value of the gross dividend. Based on yesterday's closing price (10.8 euros), that will result in a halving of the value.
  • Nevertheless, the superdividend attracts investors. After some three hours of trading, Exmar is trading 3.5 percent in the plus.

All this is still subject to change, as shareholders have yet to vote on the superdividend.

  • Exmar will send an invitation for the special general meeting to shareholders within three weeks. "This invitation will specify the exact date of the meetings, which date will not be earlier than the 30th day after the date of the invitation," a press release reads.

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