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-6,02%29.04.2008.Significant event report - Tigar a.d. , Pirot
Pursuant to Article 64 of the Law on the Market of Securities and Other Financial Instruments, and pursuant to Article 6 of the Regulations on Public Company Reporting and Disclosure of Possession of Voting Shares:
TIGAR AD
hereby releases a
SIGNIFICANT EVENT REPORT
Pursuant to Article 64 of the Law on the Market of Securities and Other Financial Instruments, we hereby notify our shareholders and members of the Stock Exchange and the Central Registry that Tigar AD’s Board of Directions held a meeting on 24 April 2008.
At this meeting, the Board of Directors issued the following decisions:
A decision recommending to the General Assembly of shareholders to adopt Tigar AD’s 2007 Financial Report, including auditors’ report and opinion; a decision adopting the 2007 Consolidated Financial Report, including auditors’ report and opinion; a decision recommending to the General Assembly of Shareholders to approve the distribution of 2007 dividends, and to approve the distribution of interim dividends based on 1st Quarter 2008 results; and a decision recommending to the General Assembly of Shareholders to approve revised versions of Tigar AD’s Articles of Association and Tigar AD’s Board of Directors and Supervisory Board Remuneration and Incentive Policy.
According to Tigar AD’s 2007 income statement, Tigar AD earned a net profit of 48.7 million Serbian Dinars, and a profit per share of 28.36 RSD. According to the consolidated income statement, the Company earned a profit before taxation of 216.7 million RSD, a net profit after taxation of 165 million RSD, and a profit per share of 96.03 RSD.
Our auditors’ opinions included in their reports on Tigar AD’s financial statements and consolidated financial statements contain no reservations.
The Board of Directors made a recommendation to the General Assembly of shareholders to distribute Tigar AD’s entire profit after taxation to shareholders, or 28.36 RSD per share. The Board of Directors also made a recommendation to the General Assembly of Shareholders to distribute roughly 1/3 of the 1st Quarter 2008 profit (168.5 million RSD) to shareholders as interim dividends. 1st Quarter income includes a portion of the capital gain from a transaction with the Michelin Group. 1st Quarter expenses include all previous and current expenses, and extraordinary expenses due to losses reported by some subsidiaries in 2007.
The interim dividend per share would amount to 32.69 RSD. The aggregate dividend per share, including both the 2007 dividend and the 2008 interim dividend, would be 61.05 RSD.
Dividends and interim dividends will be distributed to all shareholders of record at the Central Registry as of the date of the resolution of the General Assembly of Shareholders. The distribution of dividends will be made in cash within 30 days of the resolution of the General Assembly of Shareholders.
The Board of Directors decided to recommend the distribution of interim dividends after having duly considered 2008 performance and cash flow projections. In its assessment, the distribution of interim dividends will pose no threat to either the Company’s ongoing investment activities or its day-to-day operations.
Based on amendments of international and domestic regulations and standards relating to corporate governance since the adoption of the current Articles of Association and the current Board of Directors and Supervisory Board Remuneration and Incentive Policy by the General Assembly of Shareholders, the Board of Directors made a recommendation to the General Assembly of Shareholders to adopt revised versions of the Articles of Association and the Board of Directors and Supervisory Board Remuneration and Incentive Policy. The proposed revised versions of these two documents will neither change their essence nor result in additional cost, but will align them applicable regulations and current practices.
Materials for the General Assembly of Shareholders, in both Serbian and English, will be posted on the Company’s web site 30 days prior to the session of the General Assembly of Shareholders, and will also be available for inspection at the Company’s headquarters on any business day during business hours. Voting shareholders will receive materials for the General Assembly by mail, as set forth in the Articles of Association.
Slavoljub Stanković
Company Secretary
TIGAR AD
hereby releases a
SIGNIFICANT EVENT REPORT
Pursuant to Article 64 of the Law on the Market of Securities and Other Financial Instruments, we hereby notify our shareholders and members of the Stock Exchange and the Central Registry that Tigar AD’s Board of Directions held a meeting on 24 April 2008.
At this meeting, the Board of Directors issued the following decisions:
A decision recommending to the General Assembly of shareholders to adopt Tigar AD’s 2007 Financial Report, including auditors’ report and opinion; a decision adopting the 2007 Consolidated Financial Report, including auditors’ report and opinion; a decision recommending to the General Assembly of Shareholders to approve the distribution of 2007 dividends, and to approve the distribution of interim dividends based on 1st Quarter 2008 results; and a decision recommending to the General Assembly of Shareholders to approve revised versions of Tigar AD’s Articles of Association and Tigar AD’s Board of Directors and Supervisory Board Remuneration and Incentive Policy.
According to Tigar AD’s 2007 income statement, Tigar AD earned a net profit of 48.7 million Serbian Dinars, and a profit per share of 28.36 RSD. According to the consolidated income statement, the Company earned a profit before taxation of 216.7 million RSD, a net profit after taxation of 165 million RSD, and a profit per share of 96.03 RSD.
Our auditors’ opinions included in their reports on Tigar AD’s financial statements and consolidated financial statements contain no reservations.
The Board of Directors made a recommendation to the General Assembly of shareholders to distribute Tigar AD’s entire profit after taxation to shareholders, or 28.36 RSD per share. The Board of Directors also made a recommendation to the General Assembly of Shareholders to distribute roughly 1/3 of the 1st Quarter 2008 profit (168.5 million RSD) to shareholders as interim dividends. 1st Quarter income includes a portion of the capital gain from a transaction with the Michelin Group. 1st Quarter expenses include all previous and current expenses, and extraordinary expenses due to losses reported by some subsidiaries in 2007.
The interim dividend per share would amount to 32.69 RSD. The aggregate dividend per share, including both the 2007 dividend and the 2008 interim dividend, would be 61.05 RSD.
Dividends and interim dividends will be distributed to all shareholders of record at the Central Registry as of the date of the resolution of the General Assembly of Shareholders. The distribution of dividends will be made in cash within 30 days of the resolution of the General Assembly of Shareholders.
The Board of Directors decided to recommend the distribution of interim dividends after having duly considered 2008 performance and cash flow projections. In its assessment, the distribution of interim dividends will pose no threat to either the Company’s ongoing investment activities or its day-to-day operations.
Based on amendments of international and domestic regulations and standards relating to corporate governance since the adoption of the current Articles of Association and the current Board of Directors and Supervisory Board Remuneration and Incentive Policy by the General Assembly of Shareholders, the Board of Directors made a recommendation to the General Assembly of Shareholders to adopt revised versions of the Articles of Association and the Board of Directors and Supervisory Board Remuneration and Incentive Policy. The proposed revised versions of these two documents will neither change their essence nor result in additional cost, but will align them applicable regulations and current practices.
Materials for the General Assembly of Shareholders, in both Serbian and English, will be posted on the Company’s web site 30 days prior to the session of the General Assembly of Shareholders, and will also be available for inspection at the Company’s headquarters on any business day during business hours. Voting shareholders will receive materials for the General Assembly by mail, as set forth in the Articles of Association.
Slavoljub Stanković
Company Secretary
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