Marimekko - Issuance of new shares without payment
Yesterday, the AGM approved the BoD’s dividend proposal and decided on a share split with a ratio of 5:1. With our estimates intact, we update our target price to EUR 15.8 (79) and retain HOLD-rating.
- The AGM approved the Board of Directors’ proposal to distribute a regular dividend of EUR 1.60 per share plus an extraordinary dividend of EUR 2.00 per share to be paid for the financial year 2021.
- At the same time, the AGM decided that new shares will be issued to the shareholders without payment in proportion to their holdings so that four new shares are issued for each share. In total, 32,519,336 new shares will be issued, increasing Marimekko’s total number of shares from 8.1m to 40.6m.
- Split has no effect on Marimekko’s fair value and hence we have made no changes to our estimates. We update our target price to EUR 15.8 (79) and retain HOLD-rating.
- Marimekko publishes its Q1 result on 13 May 2022.