By decision of the General Meeting, the company’s capital will be increased by BGN 7 million, which will increase in proportion the number of shares that each shareholder has.
On 23rd June 2016, in the presence of the required quorum, was held the Annual General Meeting (AGM) of shareholders of Tchaikapharma High Quality Medicines AD.
9 shareholders were registered to participate, whereby 49’581’106 shares were personally presented – all with voting rights, or 99.96 % of the company’s capital.
Decisions
The Annual report of the Board of Directors on the Company’s activities, the Annual report on the activity of the Investor-Relations Director, the Audit report, the audited Annual financial statements and the report of the Audit Committee on its activities in 2015 were adopted unanimously by the shareholders.
With regard to item 6 of the agenda concerning the allocation of the realized profit of the Company in 2015 as well as the unallocated profit from previous periods, the General Meeting took the following decision: from the net profit for 2015 amounted to BGN 7’780’010.40, 10 % to be made available to form a compulsory reserve representing BGN 778’001.04 and the amount of BGN 2009.36 to be qualified as an additional company’s reserve. The decision to increase the capital with the remainder of the profit amounting to BGN 7 million was adopted by majority. Thus, each shareholder will increase the number of their shares in proportion – 14 new shares for every 100 shares held.
AGM gave discharge to the Board of Directors for their activities in 2015 and elected an auditor for the year 2016. The monthly remunerations of the Board of Directors and the Executive Director remain unchanged.
To the questions submitted by some shareholders about how dividends will be allocated in the short term the Investor-Relations Director confirmed that there are discussions underway on the possibilities part of the profit (up to 20%) to be allocated as dividends and the remainder to be capitalized for the purpose of investment in the development of the company’s research activity and the expansion into new markets in the European Union. For the first six months of this year, Tchaikapharma has achieved 8-10 % increase in profits compared to the same quarter of last year.
The company’s Executive Director said in addition that particular consistent steps have been already taken to penetrate the markets of several member states of the European Union, which is a crucial part of the long-term marketing policy of the company. In this connection, real action is planned and undertaken on registering medicinal products in the field of cardiovascular diseases and other socially significant therapeutic fields.