Covivio Approves Scrip Dividend Option at 2024 General Meeting

Covivio, a prominent real estate firm, held its Combined General Meeting on April 17, 2024, where shareholders approved a dividend of €3.30 per share for the fiscal year 2023. In a noteworthy move, they also endorsed the option of receiving this dividend in shares. This decision will enable the capital increase of the company, potentially ranging from €142 million to €331 million.

The subscription price for the shares is set at €38.61 each, calculated at 90% of the average closing share price from the previous 20 trading sessions, after accounting for the net dividend. These newly issued shares will be eligible for current dividends and will be requested for trading on the Euronext Paris market.

A significant number of board members, representing 43% of the capital, have committed to opting for the scrip dividend. For those choosing this option, the exercise period will run from April 23 to May 7, 2024, with results announced by May 10. Should shareholders not elect this option by the deadline, they will receive their dividends in cash by May 27.