Seven resolutions were approved by shareholders at Bank of Valletta’s annual general meeting held recently. The resolutions included the approval of the profit and loss account and balance sheet for the year ended September 30, and the directors’ and auditors’ reports thereon.
In addition, a gross final dividend of €0.16 per share, which represents a gross payment of €32,000,000 as recommended by the directors, was approved for payment on December 17. Approval was also obtained for the proposed “one for five” bonus issue and the consequent increase in issued share capital from €200 million to €240 million. Deloitte Malta and Deloitte United Kingdom were re-appointed auditors of the bank.
Changes to the Memorandum and Articles were also proposed to ensure compliance with the EU Shareholders’ Rights Directive (as implemented in the Listing Rules).
The AGM also refreshed (for a period through to June 2012) the authority of the board of directors to buy back up to 10 per cent of the company’s shares within a specified price range. The board reiterated that it would be a sensible precaution for it to have the power to buy back up to 10 per cent of the company’s shares, should they become available, a power which would only be exercised by the board if it is considered to be in the best interests of the bank and all its shareholders.
The company received seven valid nominations for directors and since there were six vacancies an election was held. The Government of Malta and UniCredito are entitled by the Articles of Association to appoint two and one director respectively. Roderick Chalmers, chairman, and Gordon Cordina were appointed by the government until the conclusion of the 2011 AGM, while Roberto Cassata was appointed by UniCredito until the conclusion of the 2012 AGM.
Following the election held at the AGM, the board of directors for the forthcoming year will consist of Joseph Borg, Roberto Cassata, Roderick Chalmers (chairman), Gordon Cordina, George Portanier, Manuel Rizzo, Norman Rossignaud, Paul Testaferrata Moroni Viani and George Wells.
Bank of Valletta Group reported profits before taxation of €98.9 million for the year ended September 30, an increase of 21 per cent over the previous year.
The AGM was addressed by Mr Chalmers and CEO Tonio Depasquale who highlighted the bank’s positive performance despite difficult financial and economic conditions. During the next year, Mr Depasquale said, Bank of Valletta will concentrate on payments business, with new investments planned for technology, custody business and the yachting and aviation industry.