Regarding payment of dividends
According to April 29th 2013 the annual shareholders meeting’s Resolution No. 9 the decision was taken to redirect part of JSC "Riga Shipyard" profit for 2013 154,781 LVL to payment of dividends by paying 0.01 LVL per share, a total 116 721.07 LVL. The specified calculation date is September 30th,2013, scheduled payment date is 7th October 2013.
According 11th July 2012 Overdrfat contract No. 2012-187-OD General Terms’ paragraph 5 JSC "Riga Shipyard" without the Bank's preliminary written approval has the right to pay a dividends in amount not exceeding 10% of net profit.
To JSC "Riga Shipyard" request to permit payment of dividends was received bank’s statement (attached) that the answer will be provided by 30th Ocober,2013.
Previously named contract provide permit receipt only for the payment of dividends.
This norm was in previously signed contracts with bank. In previous years the difficulties of the authorization hasn’t been a company was not able to predict them.
Payment of dividends is planned from its own funds, not from bank overdraft.
The company has enough of resources to carry out of dividend payments.
Dividends will be paid immediately after receiving authorization from bank.
If the bank will not issue the authorization to pay dividends further action will depend on the bank’s indicated ground for refusal.