The Management Board of Orzeł Biały S.A. (‘The Company’) hereby announces that The Supervisory Board of Orzeł Biały S.A. on 25th May 2018, pursuant to Resolution No. 824/X/2018, did not accept the Management Board’s recommendation regarding to the distribution of profit for 2017 and express the opinion that the net profit for 2017 in the amount of PLN 16 066 502.57 should be allocated for the dividend payment, which the total amount of the dividend should be equal to retained earnings of the Orzeł Biały Capital Group for 2017, ie. PLN 18 618 944.98.
The dividend in the amount of PLN 18 618 949.98, in the opinion of the Supervisory Board, may be covered from the Company’s net profit for 2017 in the amount of PLN 16 066 502.57 and from the supplementary capital in the amount of PLN 2 552 442.41.
The Management Board, in its recommendation defined in Annual Report for 2017, proposed that the Company’s net profit for 2017 in the amount of k PLN 16 067 to cover losses from previous years in the amount of k PLN 3 328, and the remaining amount of k PLN 12 739 should be allocated to supplementary capital.
Therefore, the motion of the Company’s Management Board to the Ordinary General Meeting regarding the allocation of the Company’s net profit for the fiscal year 2017 in the amount of PLN 16 066 502.57 to cover losses from previous years and allocation to the Company’s supplementary capital, did not receive a positive opinion of the Supervisory Board.
Legal basis: Art. 17, Act 1 MAR
17:09