The “council” will be chaired by pulp and paper producer Alberto de Castro, with Paulo Fernandez and Joao Borges de Oliveira as vice-presidents.
Altri shareholders elected today, at a general meeting, the Board of Directors of the company, chaired by Alberto de Castro, the accounts for 2022 were reported and the distribution of the results, which includes cash dividends, was proposed.
According to the information sent to the Securities Market Authority (CMVM), the members of the Board of Directors have been elected for the 2023-2025 term. This body will be chaired by Alberto de Castro, with Paulo Fernández and Joao Borges de Oliveira as Vice-Chairmen.
In this Friday meeting, the members of the General Assembly, the Supervisory Board, the Remuneration Committee and the Statutory Auditor were elected. Also on the table were the company’s calculations and the proposed application of last year’s results, which received the “green light”.
On April 6, in a statement sent to the market, Altri recalled that last year it carried out the separation of cellulose fibers (Altri) and its renewable energy business (Greenvolt), “because this separation constitutes an appropriate response to the optimal development of the companies involved, adjusted according to the basic realities of its business and perspectives on its development.
He noted that the implementation of this separation “was based on a model in which Altri shareholders began to hold, directly – in proportion to the shares representing the share capital of Altri that they own – the share that you own in the share capital of Greenvolt.”
Thus, after the implementation of this decision, “Altri will become the owner of a stake of 4,404,783 shares, equivalent to 3.17% of the capital of Greenvolt, and will acquire Celbi SA (a subsidiary that indirectly owns 100%), under the conditions market, 18,750,000. It represents 13.47% of the share capital of Greenvolt and the voting rights that Celbi SA currently holds,” he noted.
Thus, “after said acquisition, Altri will own 23,154,783 shares, representing 16.64% of Greenvolt’s share capital and voting rights.”
Bearing in mind, “In order to complete the full separation of the portfolio and the renewable energy business, the Board of Directors proposed that the General Assembly decide ‘what part of the profit for the year, i.e. 240,827,992 euros,’ shall be set aside to cover the negative reserves entered in the balance sheet.”
From the remainder of the profit, the proposal intends to attribute to each shareholder a number of Greenvolt shares, resulting from the application of the formula.
Altri’s management proposed “a cash dividend of €51,282,918 to shareholders, continuing to apply profit for the year, which means a lump sum payment of €0.25 per share,” it was approved.
The agenda also included discussing a declaration regarding the remuneration policy for the governing bodies and authorizing the board of directors to buy or sell shares and bonds up to the legal limit of 10%, which was also approved.
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