Graphisoft Park Delays Transition to Dividend Payment in EUR
Image by graphisoftpark.com
Graphisoft Park, which owns and operates a business park in the north of the capital, acknowledged that transitioning to payment of dividends in euros from forints "requires longer preparation than previously estimated" and said it will pay dividends on last year's earnings in forints in an announcement posted on the bourse website late Monday, according to a report by state news wire MTI.
The currency in which Graphisoft Park shares trades was modified to euros from forints effective February 15, and the company had planned to start paying dividends in euros, too.
On Monday, Graphisoft Park pointed to "a number of unforeseen difficulties" experienced by investors, particularly small shareholders, related to EUR-based share subscriptions. Graphisoft Park's board believes that "with proper preparation, similar difficulties in paying dividends in EUR could be avoided in the future", the company said.
The switch from forints to euros was made on the initiative of a shareholder who argued that Graphisoft Park's revenue and costs are in euros, its accounting is in euros, and its guidance and dividend proposals are also in euros.
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