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Graphisoft Park shareholders vote to pocket profit against board's wish

Shareholders of Graphisoft Park, a company that owns and operates a business park in the north of Budapest, voted to pay nearly all of 2009 profits as dividend at an annual general meeting on Friday, rejecting a proposal by the board, the AGM resolutions show.

Shareholders approved a proposal to pay a HUF 25-per-share dividend - or a total of HUF 260 million - on 2009 profits.

Fund manager Concorde proposed the dividend, noting the company's “extraordinarily stable financial situation”. The board had proposed placing all profit into reserves and paying no dividend.

Graphisoft Park had after-tax profit of €991,455,000 in 2009. After payment of the dividend - about HUF 960,453,000, calculating with a forint/euro exchange rate of 270.84 on December 31, 2009 - the company will have retained earnings of just €31,002. (MTI-Econews)