Vienna-based Conwert Immobilien is proposing forfeiting dividend payouts over 2008 in a bid to bolster its financial situation. Management cited 'growing insecurity regarding the further economic development' in its explanation.
Vienna-based Conwert Immobilien is proposing forfeiting dividend payouts over 2008 in a bid to bolster its financial situation. Management cited 'growing insecurity regarding the further economic development' in its explanation.
'In this environment, we attach top priority to strengthening liquidity, reducing debt and to the value-increasing use of existing funds to improve our financing and balance sheet structure,' CEO Johann Kowar said in a press statement.
Conwert Immobilien booked profit of EUR 19.6 mln in 2008. A proposal to forfeit last year's dividend will be put to the Annual General Meeting on 26 May when the first-quarter results will be published.
