Nepi Rockcastle to proceed with capitalisation issue as it holds on to dividend
The group is battling with the fallout from Covid-19, and is seeking to reward shareholders, while not putting stress on its balance sheet
Nepi Rockcastle, which owns malls in nine countries in Central and Eastern Europe, will pursue a capitalisation issue amid the fallout from the Covid-19 pandemic.
The group will be issuing 4.292 ordinary shares for every 100 ordinary shares held, so as to reward shareholders, while still protecting the group’s balance sheet.
The group, which had a portfolio worth €6.3bn (R128bn) at the end of December, has opted not to declare a dividend for its six months to end-June, having previously paid 29.02 euro cents per share, or €170m.
The group said in an update earlier in August that distributable earnings per share were expected to fall almost a third in the six months to end-June.
Update: August 21 2020
This article has been updated with additional financial information.
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