Orange Holds Annual General Meeting May 19
…To Adapt Its Dividend Policy
By Emmanuel Oluebube
Following a meeting held on April 16, Orange’s Board of Directors has decided to confirm the date of its Combined Shareholders’ Meeting on May 19, 2020.
Exceptionally, due to the Covid-19 pandemic and by application of ordinance no. 2020-321 of March 25, 2020, the Shareholders’ Meeting will be held behind closed doors at Orange’s corporate headquarters, 78 rue Olivier de Serres, 75015 Paris, France.
Taking into account the uncertainty caused by this exceptional crisis, the Board of Directors has proposed a decrease in the 2019 dividend from 0.70 euro (US$0.76) to 0.50 euro per share. This means that the 0.40-euro balance, which remains to be paid, will be reduced to 0.20 euro. The payment date remains unchanged at 4 June 2020.
For 2020-2023, the objective to distribute a dividend of 0.70 euro per share will be reviewed at a later date in light of the evolving situation. The Board of Directors has provided for the right to offer shareholders the option of being paid a 2020 interim dividend in Orange shares.
The Board of Directors has also reviewed the additional requests and addendum to resolutions, and the points added to the agenda by shareholders pursuant to Article L. 225-105 of the French commercial code.
The Notice of Meeting provided for in article R. 225-66 of the French commercial code with the final agenda as modified by the additional requests, the addendum to resolutions and the points added to the agenda will be published on 24 April 2020.
Chairman and CEO of the Orange Group Stéphane Richard said: “Based on currently available information, Orange does not expect a significant deviation from its 2020 objectives, but we are closely monitoring the situation and its developments. The important role played by the telecoms sector during this crisis to ensure the continued functioning of our economy and society as a whole confirms the strategic character of our activities. Beyond this, the collective commitment of our employees, the solidity of our financial situation and the relevance of our strategic action plans will allow Orange to face up to this unprecedented crisis”.