GFNorte´s Summary of Resolutions OGM – October 11th, 2012
Jan 04, 2013
OTC Disclosure News Service
SUMMARY OF RESOLUTIONS APPROVED BY THE GENERAL SHAREHOLDERS’ MEETING OF GRUPO FINANCIERO BANORTE, S.A.B. DE C.V., HELD ON OCTOBER 11TH, 2012.
Represented Shares: 2,089,005,235 Series “O” shares of a total of 2,326,357,782 representing 89.80% of the total subscribed and paid shares of the Company’s capital.
First.- It was approved to distribute a cash dividend of Ps. $ 0.183 per share, against delivery of coupon No. 5, derived from the retained earnings of previous years. This dividend corresponds to the first of four payments that will be made for a total amount of Ps $ 0.732 per share, which was approved by the Group’s Board of Directors last July 26th, 2012. The Board of Directors proposed Shareholders’ Assemblies to decree additional dividends for a total amount of Ps. $0.549 per share, to be covered in three installments of Ps. $0.183 in January, April and July 2013, respectively. The total amount of the dividend to be paid represents 20% of the recurring profits of 2011 and the payout was determined according the new dividend policy approved on October 2011, which establishes a payment of the 20% of recurring net income in the event that annual profit growth is greater than 20%.
It was approved that the first disbursement will be paid on October 24th, 2012, through S.D. Indeval, Institucion para el Deposito de Valores, S.A. de C.V. (Institution for the Securities’ Deposit), with previous notice published by the Secretary of the Board of Directors in one of the most circulated newspapers in the city of Monterrey, Nuevo Leon and through the Electronic Delivery and Information Diffusion System “Sistema Electronico de Envio y Difusion de Informacion” (SEDI) of the Mexican Stock Exchange.
Second.- In compliance with Article 86, Section XX of the Income Tax Law, the Auditor’s Report on the fiscal situation of the Company at December 31st, 2011 was distributed and read among shareholders attending the meeting. No resolution was taken thereon.
Third.- Delegates were designated to formalize and execute the resolutions passed by the Assembly.
Fourth.- The Assembly’s minutes were approved.
This release includes additional documents. Select the link(s) below to view.
GFNORTE-Summary Resolutions OGM – October 11 2012.pdf
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.