Italian Kinexia to distribute extraordinary dividends for EUR 1.1m

Dec 13, 2013 - Italian renewable energy company Kinexia SpA (BIT:KNX) said Thursday its shareholders gave the go-ahead to the proposal of the board of directors to distribute an extraordinary dividend for a total EUR 1.1 million (USD 1.5m), partly in cash and partly in stock of its subsidiary Innovatec.

The share allocation is part of the process for listing and admission to trading of the Innovatec stock on the AIM Italia market of the Milan Stock Exchange as of December 18, 2013.

The transaction will allow the company's shareholders to receive EUR 0.01 per each Kinexia ordinary stock for a total EUR 293,114. The shareholders could also obtain one Innovatec stock for each 100 shares held in Kinexia.

The distribution of the dividend is subject to the formal admission to trading of Innovatec on the part of stock market operator Borsa Italiana, a statement read.

(EUR 1 = USD 1.375)

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