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On April 25th, the shareholders of SIF1 have approved a stock buyback program in the Extraordinary Shareholder Meeting.
Thus, the company will buy back stock in order to reduce its share capital as well as to grant free shares to its employees and members of the management (administrators, members of the board), in order to increase their loyalty as well as to reward them for their work, according to the performance criteria which will be set by the Board of Directors.
A maximum of 30,849,268 shares may be bought back, of which (1) a maximum of 28,849,268 shares will be bought and then cancelled in order to reduce the share capital, and (2) a maximum of 2,000,000 shares will be distributed free of charge to the employees and members of the management, according to a press release by the company.
The buybacks will be made at a minimum price of 0.5 lei/share and a maximum price of 3.15 lei, over the course of 12 months.
Bogdan Drăgoi, the president of SIF1 Banat - Crişana, recently told us that the proposal he made concerning the distribution of the profit is more advantageous for shareholders than the distribution of dividends.
In 2015, SIF1 Banat-Crişana paid dividends of 0.1 lei/share out of the profit of 134.17 million lei in 2014, after two years when the earnings were not distributed.
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