Dear Shareholders,
The Financial Statements for the year ended December 31 2010 that we are submitting to your approval closed with a net loss of € 14,715,747.79 that we propose be covered entirely by drawing on the credit balance existing under the item “Retained earnings”.
We also propose distributing a unit dividend of € 0.025 to each of the shares in circulation with dividend rights as of January 1 2010 (with the exclusion of own shares held as treasury stock), withdrawing the full amount from the item “Retained earnings”.
The proposed allocation:
- Takes into account the provisions of Art. 2357 ter, paragraph 2 of the Civil Code, which state that the dividend rights of own shares be distributed proportionally to the other shares;
- Will take into account the dividend rights of 4,941 shares servicing 810 former Sasib privileged shares, the conversion of which has not yet been requested.
It should be noted that the actual amounts to be allocated to the dividend payout and the use of the “Retained earnings” reserve will take into account the own shares being held as treasury stock and the ordinary shares in circulation as of the date of the Annual General Meeting of the Shareholders, in case any further purchases are made of own shares or any new shares are issued in exercise of options by beneficiaries of stock option plans.
THE BOARD OF DIRECTORS
Milan, March 10 2011