S&T AG: Annual General Meeting resolves to pay a dividend of € 0.10 per share
Growth in the IoT environment through more intensified cooperation with Ennoconn
Linz, June 29, 2017 - The shareholders of S&T AG (www.snt.at) approved all of the points on the AGM's agenda as well as the increase in dividend to EUR 0,10 per share. The extension of the Supervisory Board now also paves the way for a more intensive cooperation with the anchor shareholder Ennoconn, in order to implement the announced growth strategy in the area of the Internet of Things (IoT).
On June 27, 2017 the AGM approved all of the points on the AGM's agenda with significant majorities. The AGM was represented by 39.42% of S&T's share capital attending the AGM.
Dividend increase once again
S&T's strong earnings and financial stability led to the Annual General Meeting's being proposed a further rise of 2 Cents in the dividend to be paid, which resulted in a dividend of EUR 0.10 per share. This dividend constitutes for income tax purposes a capital repayment in cash in accordance with Article 4 Paragraph 12 of Austria's Income Tax Act and will be paid out as of July 4, 2017 through the issuance of a credit balance to the accounts at the banks maintaining the shareholders' holdings.
Expansion of the Supervisory Board
Resolved at the AGM was the approval of the activities of the members of the Executive and Supervisory Boards, and thus their discharging from responsibility. Additionally the number of the members of the Supervisory Board, who are voted into office by the Annual General Meeting, have been increased from three to five. In this context three representatives of S&T's key shareholder Foxconn/Ennoconn were appointed to the Supervisory Board. These three new members are Ed Wu, Corporate Executive VP at Foxconn, Steve Chu, Chairman of the Executive Board of Ennoconn and Hans Zao, Chief Financial Officer at Ennoconn. Within the Supervisory Board, Dr. Erhard Grossnigg continues as the chairman and Mr. Bernhard Chwatal as his deputy.
Strategic partnership with Foxconn/Ennoconn to be intensified
The expansion on the Supervisory Board supports the companies IoT growth strategy as Hannes Niederhauser, CEO of S&T AG, explains: "The close cooperation with Foxconn and Ennoconn will not only secures us access to the supply chain and the production capacities of one of the world's largest contract manufacturers. Our new Supervisory Board member, Ed Wu, is responsible for Foxconn's 20 billion USD-strong global server business. This will provide us with new interesting business opportunities as well as synergies in the embedded server and embedded cloud area, which we intend to use more intensively in the future.”
Details on the Annual General Meeting and on its votes are available on the Website of S&T AG - Investor Relations area.