Aspocomp Group Plc
UPDATE OF ASPOCOMP GROUP PLC’S DIVIDEND POLICY
Espoo, Finland, 2012-02-16 08:30 CET (GLOBE NEWSWIRE) —
Aspocomp Group Plc, Company Announcement, February 16, 2012 at 9:30 a.m.
In Aspocomp Group Plc’s annual report 2010 the following is said about the company’s dividend policy:
“The Board of Directors of Aspocomp Group Plc defined a new long-term dividend policy for the company on March 15, 2007. According to the policy, Aspocomp aims to pay dividends amounting to no less than 30 percent of the profit for each financial year once the company’s profitability has been restored and it has reached its gearing and equity ratio goals.
It is likely that the Board will not propose dividend payments in the near future.”
The Board of Aspocomp Group Plc has on February 15, 2012 decided to update the company’s dividend policy to read as follows:
”In December 2011 the extraordinary general meeting of the company decided to decrease its share capital and to use its share premium fund, its special reserve and its reserve for invested unrestricted equity to cover losses shown on the balance sheet. As a consequence, the company is not allowed to distribute dividends during the following three years without complying with a procedure for creditor protection. As the company has open legal processes relating to its French subsidiary that was placed into bankruptcy in 2008, the company’s understanding is that such procedure for creditor protection would prevent any dividend distribution. Consequently, the company may distribute dividends after December 29, 2014.
When dividend distribution becomes possible, the company aims to distribute as dividend half of the net operational cash flow deducted by operative investments.”
For further information, please contact Sami Holopainen, CEO, tel. +358 9 59 181, sami.holopainen(at)aspocomp.com.
ASPOCOMP GROUP PLC
Board of Directors
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Aspocomp Group Plc provides services for the design and manufacture of high-tech PCBs. Aspocomp’s products are used in the electronics industry, for instance, in telecommunications networks, automobiles and many types of industrial applications.