French property company Fonciere des Regions has announced a capital increase of EUR 187 mln after 87% of shareholders opted for payment of the dividend in shares. All the shareholders represented on FdR's supervisory board opted for 100% of their dividend to be paid in shares.
French property company Fonciere des Regions has announced a capital increase of EUR 187 mln after 87% of shareholders opted for payment of the dividend in shares. All the shareholders represented on FdR's supervisory board opted for 100% of their dividend to be paid in shares.
'This operation represents a significant strengthening of the financial structure of Foncière des Régions and will boost the implementation of our FdR 2010 action plan,' said CEO Christophe Kullmann.
The issue price of the shares remitted for payment was set at EUR 34, which represented 95% of the average closing prices on the twenty stock market trading days preceding the group's general meeting held on April 24.
As a result, the company will issue 5.4 million new shares which will be admitted for trading on 29 May 2009. The amount of the dividend paid in cash will be EUR 28 mln and will be paid on 29 May 2009. Following these payments, the company's capital will be composed of 46.5 million shares.
