Post by account_disabled on Mar 16, 2024 1:07:26 GMT -5
The Swedish real estate company Samhallsbyggnadsbolaget i Norden AB (SBB) has announced its intention to postpone the planned dividend payment, as well as the cancellation of the rights issue for an amount of 2,630 million Swedish crowns (235 million euros) previously announced with the objective of reinforcing the liquidity of the company , whose shares sank by 9.5%.
With its decision to postpone the payment of the stipulated dividend, the board of directors of SBB has announced its intention that the delay in the disbursement will not go beyond the general meeting of shareholders in 2024.
In this sense, it has explained that, if Although Phone Lead at the end of April the intention was announced to carry out a rights issue of ordinary D shares to reduce the company's debt and strengthen the company's financial position to guarantee an investment grade rating , the agency S&P has downgraded the rating of the company to BB+ with a negative outlook, within the speculative grade or 'junk bond', which means that the interest on the company's debt will increase.
"The market reaction since then has made it impossible to carry out the rights issue of ordinary D shares in the planned terms," defended the company, which, instead, will propose at an extraordinary meeting an authorization to allow the postponement. of the payment of dividends. To this end, the board hopes that the extraordinary general meeting will be held at the beginning of next June.
SBB shares fell by 9.5% on the Stockholm Stock Exchange this Tuesday, although as the session progressed they covered up part of the losses and lost more than 5%.
As the company explains on its website, Ilija Batljan founded SBB in March 2016 with the intention of creating the best Nordic real estate company focused on residential and social infrastructure properties. The company's strategy is to own, manage and develop rent-regulated housing in Sweden and social housing in the Nordic countries. It currently has more than 1,600 properties in its portfolio.
With its decision to postpone the payment of the stipulated dividend, the board of directors of SBB has announced its intention that the delay in the disbursement will not go beyond the general meeting of shareholders in 2024.
In this sense, it has explained that, if Although Phone Lead at the end of April the intention was announced to carry out a rights issue of ordinary D shares to reduce the company's debt and strengthen the company's financial position to guarantee an investment grade rating , the agency S&P has downgraded the rating of the company to BB+ with a negative outlook, within the speculative grade or 'junk bond', which means that the interest on the company's debt will increase.
"The market reaction since then has made it impossible to carry out the rights issue of ordinary D shares in the planned terms," defended the company, which, instead, will propose at an extraordinary meeting an authorization to allow the postponement. of the payment of dividends. To this end, the board hopes that the extraordinary general meeting will be held at the beginning of next June.
SBB shares fell by 9.5% on the Stockholm Stock Exchange this Tuesday, although as the session progressed they covered up part of the losses and lost more than 5%.
As the company explains on its website, Ilija Batljan founded SBB in March 2016 with the intention of creating the best Nordic real estate company focused on residential and social infrastructure properties. The company's strategy is to own, manage and develop rent-regulated housing in Sweden and social housing in the Nordic countries. It currently has more than 1,600 properties in its portfolio.
And in chorus, we learn how to read music. What about you?
But yeah, working on the missing location pictures. <3