October 31 (SeeNews) - In SOFIA story "Bulgaria’s CEZ Razpredelenie to vote on 511 euro per share dividend, share split" dated October 30, please read in the lead "...an extraordinary meeting of shareholders on November 13 at which they will vote on ..." instead of "...a regular shareholders’ meeting on November 13 to vote on...". Please, also note the addition of a sentence explaining that the two items were added to the meeting's agenda at the request of three local pension funds. Also, note that the third, fourth and fifth paragraph have been amended to make it clear that the dividend payment and share split proposals were made by the three pension funds.
A corrected version of the story follows.
SOFIA (Bulgaria), October 30 (SeeNews) – CEZ Razpredelenie Bulgaria [BUL:3CZ] has called an extraordinary meeting of shareholders on November 13 at which they will vote on distributing 1,000 levs ($703/511 euro) per share as dividend for 2012 and a share split, the company said.
The two items on the agenda of the meeting have been added at the request of three local pension funds - Doverie general pension fund, Doverie professional pension fund, and Doverie voluntary pension fund, CEZ Razpredelenie said in an invitation for a shareholders' meeting filed with the Bulgarian stock exchange on Tuesday.
In June CEZ Razpredelenie decided to withhold dividend for 2012 as a reserve for offsetting an expected revision of electricity prices. At the proposal of the three Doverie pension funds, CEZ Razpredelenie's shareholders will now decide whether to distribute 192 million levs of retained earnings of 593 million levs at the end of 2012.
The CEZ Razpredelenie shareholders will also vote on the proposal of the Doverie pension funds to change the par value of the company shares from 10 levs to 1.0 lev apiece. The stock split will increase the number of its shares to 1,928,000 from 192,800.
CEZ Razpredelenie Bulgaria is a subsidiary of Czech energy group CEZ. It operates in the Sofia region and parts of western and northern Bulgaria. It is licensed for the transmission and distribution of electricity and the operation of a distribution grid.
The company reported a non-consolidated net profit of 47.2 million levs for 2012, more than doubling its net earnings a year earlier.
(1 euro=1.95583 Bulgarian levs)