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Merlin Suspends Part of its Dividend and Reduces the Salaries of its Management Team

At its General Shareholders' Meeting, the Socimi will propose the payment of a dividend amounting to 0.146 euros per share instead of the 0.32 euros forecast for 2019. It has also announced a drop in salaries for its board members and senior management.

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The Socimi Merlin Properties has announced a change in its remuneration policy in the midst of the crisis caused by the Covid-19 coronavirus. At its General Shareholders’ Meeting to be held on June 17, the listed company with the largest real estate portfolio in Spain will propose the distribution of a dividend amounting to 0.14586 euros per share for the financial year 2019.

That figure is lower than the amount announced in February, when, after the presentation of the company’s results, Merlin proposed the distribution of 0.32 euros per share to its shareholders, in addition to the 0.2 euros it already paid in October. “Moreover, a delegation will be proposed to the board of directors for the distribution of 0.174 euros, also in cash, against the issue premium. The final execution of this distribution will be decided by the board depending on the evolution of the impact of the Covid-19 pandemic on the business”, said the Socimi in a statement to the National Securities Market Commission (CNMV).

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