Dividend of EUR 0.75 per share approved at Grammer AG's Annual General Meeting

(PresseBox) ( Amberg, )
The shareholders of Grammer AG today voted on the motions submitted by the Executive Board and the Supervisory Board at this year's Annual General Meeting. In particular, the distribution of a dividend of EUR 0.75 per share was approved by a large majority. Likewise, a large majority of the shareholders voted in favor of ratifying the actions of the Executive Board and the Supervisory Board in 2018 and once again elected Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Nuremberg, as the independent auditors for 2019. The Annual General Meeting postponed a vote on the creation of new authorized capital with the option of partially excluding the shareholders' preemptive subscription rights until a future Annual General Meeting. This was in response to the request of the majority shareholder, who, as a result of the indirect transfer of its Grammer shareholding to Ningbo Jifeng Auto Parts Co., Ltd. is dependent on the grant of approvals from the Chinese supervisory authorities. A resolution on the authorization of authorized capital would interfere with the current approval procedure, or at least delay it significantly. This would not be in Grammer's interest in view of the effort involved.

More than 86 percent of the voting share capital was represented at Grammer AG's Annual General Meeting, thus exceeding the previous year's record percentage.

"2018 as well as 2019 to date have been marked by major challenges facing the entire automotive industry both at the sector and macroeconomic level. Grammer AG has held its ground in this difficult market environment but is also feeling the economic impact. Our organic growth in 2018 in the automotive segment was somewhat slower than in the previous year. However, with the distribution of the dividend, we are acknowledging the Group's strong position and allowing shareholders to participate in the Company's success," said Manfred Pretscher, Chief Executive Officer of Grammer AG.
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