{"id":9434,"date":"2016-04-14T12:19:11","date_gmt":"2016-04-14T10:19:11","guid":{"rendered":"https:\/\/www.gruppoigd.it\/assemblea-ordinaria-degli-azionisti-del-14-aprile-2016\/"},"modified":"2018-07-03T13:05:36","modified_gmt":"2018-07-03T11:05:36","slug":"assemblea-ordinaria-degli-azionisti-del-14-aprile-2016","status":"publish","type":"post","link":"https:\/\/www.gruppoigd.it\/en\/assemblea-ordinaria-degli-azionisti-del-14-aprile-2016\/","title":{"rendered":"Ordinary AGM of 14 April 2016"},"content":{"rendered":"<div class=\"intro\">\n<p><strong>During IGD SIIQ\u2019s Annual General Meeting Shareholders:<\/strong><\/p>\n<ul>\n<li><strong>approved the separate financial statements at 31 December 2015 and the allocation of the profit for the year, as well as the consolidated financial statements at 31 December 2014 which show, core business revenue of \u20ac125.9 million, core business Fund From Operations (FFO) of \u20ac45.1 million,\u00a0core business EBITDA of \u20ac84.8 million and a net profit of \u20ac45.6 million;<\/strong><\/li>\n<li><strong>approved the payment of a dividend equal to \u20ac 0.04 per share, payable as from 25 May 2016 with shares going ex-div on 23 May 2016;<\/strong><\/li>\n<li><strong>approved the Remuneration Report pursuant to Art. 123-ter, 6<sup>th<\/sup>\u00a0paragraph of Legislative Decree 58\/98;<\/strong><\/li>\n<li><strong>appointed \u00a0a member of the Board of Directors pursuant to Art. 2386 of the Italian Civil Code;<\/strong><\/li>\n<li><strong>authorized the purchase and disposal of treasury shares.<\/strong><\/li>\n<\/ul>\n<\/div>\n<div class=\"body\">\n<p class=\" text-justify\">Today the Annual General Meeting of\u00a0<strong>IGD &#8211; Immobiliare Grande Distribuzione SIIQ S.p.A., (\u201cIGD\u201d or the \u201cCompany\u201d)<\/strong>, a major player in Italy\u2019s retail property market and listed on the STAR segment of the Italian Stock Exchange, met in first call, in ordinary session, in a meeting chaired by Gilberto Coffari.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span class=\"underline\">Approval of the separate and consolidated financial statements at 31 December 2015<\/span><\/strong><\/p>\n<p class=\" text-justify\">During the Annual General Meeting IGD\u2019s shareholders approved the 2015 financial statements of IGD SIIQ S.p.A., as presented to the Board of Directors on 3 March 2016, which close with a net profit of \u20ac45.0 million,and also resolved to pay a dividend of \u20ac0.04 per share.\u00a0 The dividend will be payable as from 25 May 2016 (record date 24 May 2016) with shares going ex-div on 23 May 2016 (detachment of coupon n. 16).<\/p>\n<p>The total dividend paid of \u20ac0.040 per share (for a total of \u20ac32,521,825.24) comprises:<\/p>\n<ul>\n<li>for \u20ac0. 034875 per share: income and retained earnings generated by exempt operations, subject to the rules for income generated by these operations found in Law n. 296\/2006;<\/li>\n<li>for \u20ac0.005125 per share: capital reserves.<\/li>\n<\/ul>\n<p class=\" text-justify\">During today\u2019s Annual General Meeting shareholders also resolved to approve the IGD Group\u2019s consolidated financial statements for FY 2015.\u00a0 The IGD Group\u2019s core business revenue at 31 December 2015 amounted to \u20ac125.9 million, an increase of 4.5% against 2014. Core business EBITDA amounted to \u20ac84.8million (an increase of 6.9% against 31 December 2014) and the core business EBITDA margin came in at 67.3%. The Group\u2019s portion of net profit amounted to \u20ac45.6million, higher than the \u20ac7.3 million recorded in 2014. Funds From Operations (\u201cFFO\u201d) reached \u20ac45.1 million at 31 December 2015, an increase of\u00a0 28.5% with respect to 2014. Net financial expense had a positive impact thanks to both the favorable market conditions which made it possible to reduce the cost of debt (3.67%) and the drop in net debt (which amounted to \u20ac984.4 million at 31 December 2015). Based on CB Richard Ellis\u2019s, Reag\u2019s and Cushman &amp; Wakefield\u2019s independent appraisals, the market value of the IGD Group\u2019s real estate portfolio reached \u20ac2,082.0 million,an increase of 6.7% against 31 December 2014.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span class=\"underline\">Remuneration Report<\/span><\/strong><\/p>\n<p class=\" text-justify\">Shareholders also approved the first section of the Remuneration Report, already approved by the Board of Directors on 3 March 2016, pursuant to Art. 123-ter of Legislative Decree. 58\/98.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span class=\"underline\">Appointment of a member of the Board of Directors pursuant to Art. 2386 of the Italian Civil Code<\/span><\/strong><\/p>\n<p class=\" text-justify\">The shareholders, meeting in ordinary session, confirmed the appointment of Luca Dondi Dall\u2019Orologio \u00a0as an independent non-executive director who will remain in office through the end of the current Board of Directors\u2019 term, namely through the Annual General Meeting called to approve the financial statements at 31 December 2017.<\/p>\n<p class=\" text-justify\">Luca Dondi dall\u2019Orologio\u2019s curriculum vitaeis available on the Company\u2019s website in the section\u00a0\u00a0\u00a0<a href=\"https:\/\/www.gruppoigd.it\/Governance\/Board-of-Directors\">www.gruppoigd.it\/Governance\/Board-of-Directors<\/a>.<\/p>\n<p class=\" text-justify\">Following the appointment of Luca Dondi Dall\u2019Orologio the Board of Directors will continue to be comprised of a majority of independent directors and, therefore, is fully compliant with the law.<\/p>\n<p>To date, Luca Dondi dall\u2019Orologio does not own any shares of IGD.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><span class=\"underline\">Authorization to buy and sell treasury shares approved<\/span><\/strong><\/p>\n<p>The shareholders, meeting in ordinary session, also renewed the authorization granted to the Board of Directors to buy and sell treasury shares as follows:<\/p>\n<ul>\n<li>Motivation: to carry out (i) trading and hedging transactions and (ii) invest liquidity and allow for the use of the treasury shares in transactions pertaining to operating activities and business projects consistent with the Company&#8217;s strategic guidelines, in relation to which it is beneficial to trade, swap, contribute, or otherwise dispose of the shares;<\/li>\n<li>Maximum number of treasury shares which may be purchased: the purchases may be made on one or more occasions for up to the maximum allowed under the law or 20% of the share capital subscribed and paid-in which amounts to \u20ac599,760,278.16, broken down into 813,045,631 ordinary shares without a stated par value;<\/li>\n<li>Expiration of the shareholders\u2019 authorization: the authorization to purchase treasury shares is requested for a period of eighteen months as from the date the shareholders resolve to grant the authorization; there is no time limit on the authorization to dispose of the shares;<\/li>\n<li>Methods and purchase price of the treasury shares: the purchases shall be made in accordance with Art. 132 of Legislative Decree 58\/1998, Art. 144-bis of the Regulations for Issuers and all other applicable laws and regulations, as well as the accepted market practices recognized by Consob and must be purchased at prices satisfying the provisions of Art. 5(1) of European Commission Regulation EC 2273\/2003 of 22 December 2003.<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Today the Annual General Meeting of\u00a0IGD, a major player in Italy\u2019s retail property market and listed on the STAR segment of the Italian Stock Exchange, met in first call, in ordinary session<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[87],"class_list":["post-9434","post","type-post","status-publish","format-standard","hentry","category-price-sensitive-en","tag-corporate-governance-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/9434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/comments?post=9434"}],"version-history":[{"count":2,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/9434\/revisions"}],"predecessor-version":[{"id":9641,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/9434\/revisions\/9641"}],"wp:attachment":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/media?parent=9434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/categories?post=9434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/tags?post=9434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}