At the Annual General Meeting today, the Chairman of the Supervisory Board will inform that EAC, as part of the strengthening of the Parent company’s cash flow, has decided to declare an extraordinary dividend for 2011 from Plumrose to the Parent company of USD 12m or DKK 68m.
The dividend payment is financed in USD, which Plumrose acquired at a rate of VEF/USD 6.12 through the sale of USD denominated Venezuelan bonds. Plumrose bought and sold the bonds early in 2011 as mentioned in the 2011 Q1 interim report.
Participation in auctions for Venezuelan bonds is controlled by the Venezuelan government, and contrary to custom Plumrose received an allocation last year. Consequently, EAC cannot expect to be given access to participate in future auctions, but will obviously avail itself of any opportunity to acquire convertible currency at attractive prices that may arise in accordance with Venezuelan law.
The dividend has no connection with the dividends and royalties (about USD 103m) from earlier years, which remain outstanding at VEF/USD 4.30 and will not affect these in any way.
Yours sincerely,
The East Asiatic Company Ltd. A/S
For additional information, please contact:
President & CEO Niels Henrik Jensen
+45 3525 4300
Group CFO Michael Østerlund Madsen
+45 3525 4300
