One United Properties convened a General Meeting of Shareholders (GMS). During the GMS, the shareholders approved, among other items, the distribution of the second tranche of the dividends, share capital increase with cash contributions or the issuance of convertible bonds, as well as the share buyback. The shareholders have also elected new members of the Board of Directors. The quorum of the OGMS and EGMS was over 87 percent.
“On behalf of the newly elected Board of Directors, I would like to thank all our shareholders for their engagement at our annual GSM. The real estate market, particularly residential, has significant growth and consolidation potential. Our confidence in the future of green, sustainable real estate has made ONE a frontrunner in this segment. While we are reaping the benefits thereof, we are equipping our business for the next growth chapter. We are pleased to have received the backing of our investors for all our proposals, including the capital raise operation, which shows that our stakeholders are confident in our development strategy. We are determined to accelerate our development plans to seize the further opportunities in the markets,” said Claudio Cisullo, Chairman of the Board at One United Properties.
For 2021, One United Properties will pay a total gross dividend of EUR 15.2 million. The first tranche of gross dividends of EUR 6.6 million was approved in the GMS in September 2021 and paid in October 2021. The Board of Directors proposed to the shareholders the approval of the second tranche of EUR 8.6 million. Following the approval in the GMS, the gross dividend of EUR 0.0033 per share will be paid on May 30th, 2022. One United Properties’ dividend policy includes the payment of dividends on a semi-annual basis. The GMS also approved the buyback of shares for treasury purposes with a total limit of EUR 2 million, at a maximum acquisition price of EUR 0.35 euro per share.
The shareholders also approved a share capital increase operation with cash contributions or through the issuance of convertible bonds. One United Properties intends to raise up to EUR 150 million to fuel the growth strategy and to allow the company to seize additional opportunities in the market. The GMS delegated the final decision regarding the type of operation to be carried out to the newly appointed Board of Directors. The planned capital increase will be the fifth for the company, which since July 2021, has been listed on the Main Market of the Bucharest Stock Exchange after having successfully raised EUR 52.8 million in an IPO.
The new capital will be invested with priority in new developments, according to the existing solid pipeline of the company, while the current cash position will be used to accelerate the delivery of the ongoing developments.
