RWE’s Annual General Meeting sets dividend for fiscal 2018 at €0.70 per share
- Company issues dividend payment of about €430 million to its shareholders
- Executive Board and Supervisory Board acts approved by great majority
- Conversion of preferred to common stock adopted
Shareholders at the Annual General Meeting of RWE Aktiengesellschaft held today approved the dividend proposed by the Executive Board and the Supervisory Board by a significant majority. RWE will thus pay a dividend of €0.70 per share for fiscal 2018. Motions under further items on the agenda such as the approval of the acts of the Executive Board and the Supervisory Board as well as the election of the independent auditors were also granted by a substantial majority.
In addition, the Annual General Meeting of RWE Aktiengesellschaft decided to convert preferred shares to common shares under item 7 on the agenda; the Preferred Shareholders Meeting held immediately thereafter also voted in favour of this proposal. By consequence, the total of39 million non-voting preferred shares in RWE AG will be converted to voting common shares without a cash adjustment at a ratio of 1:1.
The limitation to a single share class simplifies RWE’s capital structure and adheres to the ‘one share, one vote’ principle called for by institutional shareholders.
Now the amendment to the Articles of Incorporation must be filed with and entered into the Commercial Register. Once this entry has been made, all shares owned by preferred shareholders will automatically be converted into common shares. The planned limitation to a single share class will not affect the amount of the company’s capital stock or the portion of the capital stock accounted for by one share. The conversion of all preferred shares will increase the number of common shares from 575.7 million to 614.7 million.
A total of 352,865,585 common shares, representing 61.29% of the capital stock bearing voting rights, were represented at the Annual General Meeting (last year: 55.21%). In sum, 7,530,259 preferred shares, or 19.31% of the 39 million preferred shares in total, were represented at the Preferred Shareholders Meeting. An overview of the results of all the votes on all of the agenda items can be found on the Internet here.