With reference to the item ‘GO gives Dubai Holdings € 6.1 million’ (August 10) and for the sake of correctness and clarity, GO plc would like to clarify the following points.
It is factually incorrect to state that “GO has distributed a €6.1 million dividend to Dubai Holdings while other shareholders will have to wait”.
Contrary to what has been claimed in the said article, may we reiterate that, as with any publicly-listed entity, all shareholders in GO, irrespective of the amount of shares they hold, are entitled to receive, and have, in fact, received, dividends at the same time and in proportion to their shareholding, whenever any dividends are approved by the company.
As stated by GO in the 2016 interim results, published on August 9, the board of directors has resolved to determine any dividend distribution for 2016 on the basis of the full results for year 2016.
Accordingly, no dividends have been declared upon issue of the interim 2016 results and, therefore, no shareholder has received any dividends respect of 2016.
The dividend distribution that took place during the interim period ending June 30, 2016 was in respect of the previous financial year, that is covering January 1 to December 31, 2015.
In fact, during the annual general meeting held last May 11, the shareholders of GO plc approved the payment of a dividend of 10c per share net of tax with respect to the financial year ended December 31, 2015.
This was the latest dividend distribution by GO.
This dividend of 10c per share net of tax amounted to a total payment of €10,131,049 and was paid in May 2016 to all shareholders. As a 60 per cent shareholder in GO plc, EIT’s share amounted to €6,078,629, with the balance being distributed to all the other shareholders on the same date.
It is also factually incorrect that “the parent company also sold €1.6 million worth of services to GO during the first six months of the year”.
The amount of €1.6 million refers to amounts invoiced by Malta Properties Company plc to GO plc for the lease of various properties. Malta Properties Company plc leases various properties to GO plc, is an entity listed on the Malta Stock Exchange and, until last year, a subsidiary of GO plc.