Cyfrowy Polsat to raise dividend
February 8, 2019 10.58 Europe/London By Chris Dziadul
Zygmunt Solorz, the founder and majority owner of Cyfrowy Polsat, has
proposed raising the dividends paid to the company’s shareholders to at
least PLN1.8 billion (€418.3 million) in total for the next three years.
In particular, this includes that an annual dividend set at a level of
at least 4% of the average capitalisation of the company from December
2018, namely around PLN0.93 per share.
In a statement to investors the company says: “In the opinion of Mr.
Zygmunt Solorz, Cyfrowy Polsat Group, which has been built for a number
of years by joint effort and with significant support from minority
shareholders, has today solid foundations represented by sound assets
and recurrent cash flows. Simultaneously, the very good relations with
the banks and Cyfrowy Polsat’s bondholders, which have been built for
many years, grant the company an access to financing of its further
development. Furthermore, Mr. Zygmunt Solorz informed that he has
received repeated suggestions from the minority shareholders of Cyfrowy
Polsat concerning distribution of the company’s profits, which has been
on a relatively low level since the moment of acquiring Polkomtel
company back in 2014. According to Mr. Zygmunt Solorz, the dividend
based on the above assumptions shall represent a sound compromise
between fair and recurrent distributions to the company’s shareholders
and its further deleveraging”.
Cyfrowy Polsat’s management board will now review the existing dividend policy and complete the verification process next month.