One United Properties (BVB: ONE), the leading green developer of residential, mixed-use, and office real estate in Romania, convened the General Meeting of Shareholders (GMS) for April 26th, 2022.
On the agenda of the GMS are, among other items, the approval of the payment of the second tranche of the dividends, share capital increase with cash contributions, share buyback as well as the election of new members of the Board of Directors.
“One United Properties thrived last year due to the boost we got from our IPO. The exceptional performance of our team is a confirmation to all our stakeholders that we are determined to maintain the leading position in the market for premium residential and mixed-use developments and keep delivering consistent returns to our shareholders. Despite the continuous investments in our development, we continue to maintain an excellent cash position and therefore, in line with our dividend policy, the Board of Directors is proposing to the annual General Meeting of Shareholders a distribution of the second tranche of the 2021 dividend, amounting to 8.6 million euro,” said Victor Capitanu, co-CEO at One United Properties.
For 2021, One United Properties proposes to pay a total gross dividend of 15.2 million euro. The first tranche of gross dividends of 6.6 million euro was approved in the GMS in September 2021 and paid in October 2021. The Board of Directors proposed to the shareholders the approval of the second tranche in the amount of 8.6 million euro. If approved in the annual GMS, the gross dividend of 0.0033 euro (0.0165 lei) per share will be paid on May 30th, 2022. One United Properties’ dividend policy includes the payment of dividends on a semi-annual basis.
The proposal for the election of the Board of Directors is as follows. The mandates of all seven current Members of the Board of Directors are set to expire on April 26th, 2022. The Board members will be elected for a one-year mandate, in line with international standards. The candidates proposed by the Company’s Nomination and Remuneration Committee are Claudio Cisullo (current Chairman of the Board of Directors), Victor Capitanu, Andrei-Liviu Diaconescu, Dragos Manda, Marius Diaconu, all of whom are currently part of One United Properties Board of Directors, as well as two new Board Member proposals: Augusta Dragic and Magdalena Soucek.
Augusta Dragic co-founded the Superbet Group in 2008 with Sacha Dragic. Since opening its first shop more than a decade ago, the Group has grown to be the clear Romanian market leader, expanding internationally, and including multiple brands across Europe. In 2019, Superbet secured 175 million euro minority investment from Blackstone, a US-based global investment Group, to supercharge its growth.
Magdalena Soucek was Country Managing Partner for EY in the Czech Republic from 2008 until December 2021. From 2011 to 2020 she was also the Managing Partner for the Central Cluster at EY, which includes Czech Republic, Slovakia, Hungary, Slovenia, Serbia, Croatia, Bosnia, Herzegovina, and Montenegro. Under her leadership, the Cluster has almost doubled in size into a 220 million dollars business, with 80 partners and 2,500 people. She has 30+ years of experience in providing audit and advisory business services. During her practice, she specialized in auditing and other projects for clients mainly from the pharmaceutical, manufacturing, and real estate industries for both leading multinational and Czech companies.
At the GMS, the shareholders will also vote on a share capital increased operation with cash contributions. One United Properties intends to raise up to 100 million euro in equity from investors in a share capital increase operation by issuing 330,017,986 new shares. The planned capital increase would be the fifth for the company, which in July 2021, listed on the Main Market of the Bucharest Stock Exchange after having successfully raised 52.8 million euro in an IPO.
The capital raised will fuel the growth strategy of One United Properties, allowing the company to seize additional opportunities in the market. The new equity will be invested with priority in new developments, according to the existing solid pipeline of the company, while the current cash position will be used to accelerate the delivery of the ongoing developments. The company’s focus is to invest with priority in Bucharest, where most of the pipeline is located.
Other items to be voted in the GMS include the proposal of the Board of Directors to approve the buyback of shares for treasury purposes with a total limit of 2 million euro, at a maximum acquisition price of 0.35 euro (1.75 lei) per share.
One United Properties shareholders will be able to cast their votes in the GMS in person and online, using the eVote solution, which will stream both the Ordinary and Extraordinary meetings in real-time.