AvtoVAZ will not pay dividends for the year 2016 in connection with the loss

Moscow. June 30. INTERFAX.RU – AVTOVAZ will not pay dividends by the end of 2016 in connection with the loss. As the correspondent of “Interfax”, the decision was taken at the annual meeting of shareholders of the company on Friday in Tolyatti.

“The dividends on ordinary and preferred shares according to the results in 2016 to be paid in connection with the fact that society during this period did not make profit,” announced the representative of the Registrar decision of the meeting. The shareholders also approved annual report and financial statements of the company for 2016

The company last paid dividends for 2007 in the amount of 29 kopecks per share. In 2016 at PJSC “AVTOVAZ” has received a net loss under IFRS in the amount of 44.8 billion rubles (-39,3%).

Shareholders of AVTOVAZ carried out the procedure of financial recovery of the company by issuing additional shares. During the first stage of additional issue of joint venture of Rostec and Renault-Nissan Alliance Rostec Auto B. V. acquired the 1.65 billion shares of dopvypuska for of 14.85 billion rubles., Renaissance Securities Cyprus Limited – 1.25 billion shares 11.25 billion rubles, other – 4 million 524 thousand 987 shares for 41 million rubles. the Main shareholders of AVTOVAZ, holding voting shares taking into account the additional issue, on 31 December 2016 was an Alliance Rostec Auto B. V. (64,6%), Renaissance Securities Limited (24,095), other shareholders of 11.31%.

Currently the authorized capital of AVTOVAZ is divided into 5 billion 188 million 752 thousand 418 shares; therefore, when placing the additional issue in full, it may grow by 2.8 times. Based on rates of 10.3 RUB over the paper size issue could reach 95,275 billion.