Sistema change the dividend policy
The other day, Sistema announced that its Board of Directors has changed the dividend policy. Now she can allocate payments to shareholders to 40% of net profit. This is about the dividend policies of major Russian telecommunications companies, reported Vedomosti.
Recall that after the release on the London stock exchange in 2005, the corporation has committed three years to pay dividends in the form of no more than 2% of its net profit for the US GAAP. "System" did so to show investors that will spend money on investment. The largest shareholder "Systems" Vladimir Evtushenkov promised that would not increase dividends at the expense of investment. Incidentally, in 2006 the corporation dispatched to invest 2.5 billion dollars, and in the past had planned to spend 3 billion to development
According to President Alexander Goncharuk AFK, changing the dividend policy - is one way to increase shareholder value "systems". Last year the corporation has repeatedly attempted to increase its investment attractiveness: the fragmentation of shares held, the number of times in 1000, bought in the market about 1% of its own securities. But that does not work. The fair value of shares "Systems", to assess the "Troika Dialogue", - 57 U.S. dollars, while the current market value of almost half - U.S. $ 30.42.
In doing so, analysts believe that a change in dividend policy will not help the growth of quotations. According to analyst Unicredit Aton Golubevoy hopes, it will pass unnoticed for investors who buy shares now avoid AFK, because "System" many subsidiaries in the initial stage of development, requiring large investments.