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Krka Shareholders Confirm Management Dividend Proposal

Novo mesto, 17 June (STA) - The shareholders of drug maker Krka voted to endorse the management's proposal for a total dividend payout of EUR 37.2m, despite a counter proposal from small shareholders that would have seen a bigger share of the company's 2009 earnings set aside for dividends.

According to the proposal confirmed at Thursday's annual general meeting, shareholders of the Novo mesto company will get EUR 1.1 per share from the EUR 161.7m in distributable profit made last year.

The total amount for the dividends stands at EUR 37.2m, while the remaining EUR 124.5m in distributable profit will be divided equally to provisions and transferred earnings.

Two associations of small shareholders had countered the management's dividend plan with proposals of their own that would have brought shareholders a higher payout, but these failed to win over the majority of the shareholders.

Meanwhile, the shareholders also appointed six new members to the nine-member supervisory board: Vice Chancellor of the Ljubljana University Julija Kristl, former chairman of insurer Zavarovalnica Triglav Joze Lenic, incumbent chairman of Zavarovalnica Triglav Matjaz Rakovec, head of the department of accounting and auditing at the Ljubljana Economy Faculty Sergeja Slapnicar, Mojca Videmsek Osolnik of the NLB bank, and retired chemistry engineer Vincenc Mancek.

The shareholders also confirmed the proposal to name KPGM Slovenija as the auditor for the current business year.

Chairman Joze Colaric would not comment on the decisions of the shareholders to reject a higher dividend payout. He announced that half-year sales are expected to beat last year's result by 4%, standing at nearly EUR 500m.

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