The company wants to give 20% of last year's profit as dividends

The shareholders of the auto parts manufacturer Compa Sibiu (CMP) are summoned, on April 25, with the proposal that from last year's profit of almost 7.67 million lei, the amount of 1.53 million lei be distributed as dividends, and the rest of 6.14 million lei to go towards own development resources, according to the company's report published on Friday on the website of the Bucharest Stock Exchange (BVB).

The unit dividend is 0.00705 lei, equivalent to a gross return of 1% compared to the Compa share price in the first part of the last trading session. The proposed record date, which defines the shareholders who will benefit from the dividends, is May 24, while payments will be made from June 14, if the proposal gets the green light from shareholders.

On the agenda of the meeting is also the approval of the contracting and/or the extension for the year 2024 and the year 2025 until the annual AGEA of loans for investments, lines of credit, leasing, letters of bank guarantee and other financial banking products, with the inclusion of a cumulative total ceiling of 40 million euros, as well as the establishment of related movable and immovable guarantees with goods from the company's heritage.

The shareholders will also elect one more member of the Board of Directors for a term of one year starting on April 25, 2024, considering the vacancy currently occupied by a provisionally appointed administrator. Another point on the agenda refers to the restriction of the object of activity of the company's company by partially eliminating some of the economic activities and adding others.

At the end of last year, Compa's Board of Directors started a process by which it wanted to transfer almost half of the company's assets to another unlisted company with real estate activities, with the idea of separating the production operations of auto components from those real estate. The operation was halted following investor dissatisfaction over the price that would have to be received by those who did not agree to the split and withdrew from the company.

According to a split project published on the BVB website, the valuer Value Management Consult had set a withdrawal price 74% lower than the book value of the share. The assessment report has not been published, so we do not know how this assessment was arrived at.

For last year, Compa reported revenues of 767.2 million lei, 4% above those of 2022, while the net profit was three times higher compared to the previous year.

At the end of 2023, Ion Deac had 19.5% of the company, Mihaela Dumitrescu owned 19.2% of Compa, a company in which the Pilon II pension funds managed by NN and Carpathia were also shareholders.