The Australian fund IFM , which has launched a 22.7% takeover bid on Naturgy, has transferred to the company chaired by Francisco Reynés that they have a vocation to remain as a long-term shareholder, who aspires to be represented on the Board of Directors of the that supports the energy transition and advocates a “sustainable dividend”, as revealed by the general secretary and the company’s board of directors, Manuel García Cobaleda , during the celebration of the general shareholders’ meeting corresponding to the financial year 2020.
In addition, undertakes to maintain the listing of the energy company and its headquarters in Spain.
To the only question posed by the shareholders during the meeting regarding a possible exclusion of the company from the Stock Market , Reynés has assured that “as of today there is no type of approach that we know of.” “It is a partial proposal, not a total one.
We are not aware that this today has a direct implication in a stock market delisting ,” he added. Later, in a press conference, the president of the energy company added that “there is nothing set in stone”, but IFM “is a sufficiently reputed and serious fund not to question what has transferred us,” he said.
Reynés has guaranteed the “transparency” of the company with the tender in progress and has ensured that it has only had contact with IFM on two occasions, one before “a few days before” the offer was publicly known and another before this meeting to know your intentions.
“As a management team we have no further assessments to make. We are neither for nor against. We neither love them nor hate them,” added the first sword of the energy company.
The Naturgy Board of Directors must make its position public once the offer passes the relevant regulatory authorizations, first that of the Council of Ministers within a maximum period of six months, and then that of the CNMV. “The council will give and publish its opinion. We will be transparent,” he added.
The meeting, held in a hybrid format with less than 30 people in the room, has approved a dividend charged to the 2020 financial year of 1.44 euros per share, of which 0.81 euros have already been paid and 0.63 euros to distribute next March 17.
Reynés has left the unknown of what will happen to the dividend in the coming years , 2021 and 2022, in the absence of knowing the next strategic plan of the company that still does not have a public calendar, after it was postponed by the takeover bid.
“We have not entered to discuss (with IFM) any figure or condition (on the dividend), but to hear what their objectives were as shareholders. And one of their objectives was to support a sustainable dividend policy,” explained Reynés.