At the shareholders meeting of 29 June 2020 the proposal of the Board of Management, with the approval of the Supervisory Board, to the General Meeting of Shareholders to determine the dividend on ordinary shares over 2019 at € 0.56 per share in the form of a cash dividend has been approved. Payment of the dividend will take place from 7 July 2020.
Dividends will be all-cash and will in principle be subject to Dutch dividend withholding tax of 15%.
The ex-dividend date will be 1 July 2020, the record date will be 2 July 2020 and the payment day will be 7 July 2020.
Corbion’s reservation policy is aimed at creating and retaining sufficient financial capacity and flexibility to realize our strategic objectives while maintaining healthy balance sheet ratios. Corbion intends to add the profit (or charge the loss) to the company reserves after deduction of the proposed dividend on ordinary shares. Events potentially impacting our financing requirements such as acquisitions, divestments, reorganizations, or other strategic considerations can lead to adjustments in the reservation amount and the reservation policy.
As regards Corbion’s dividend policy, the amount and structure of dividend on ordinary shares that Corbion will pay to its shareholders depend on the financial results of Corbion, the market environment, the outlook, and other relevant factors.
The current dividend policy is the ambition to pay out annually a stable to gradually increasing absolute dividend amount per share in cash (progressive regular dividend policy). Annually, Corbion will review this policy in terms of capital expenditures (e.g. additional lactic acid and/or PLA capacity) and mergers & acquisitions and divestments.
The proposed dividend for a financial year will be presented to and determined by the General Shareholder's Meeting. In addition, the Articles of Association allow for the payment of an interim dividend.