Where are we listed? Who are our major shareholders? What dividend per ordinary share will be declared?
The company’s share capital consists of ordinary shares and cumulative preference shares. All shares are registered and no share certificates are in issue.
KAS BANK is listed on the Euronext Amsterdam stock exchange. Ordinary shares in the form of depositary receipts for shares have been listed on the Official Market of the Euronext Amsterdam N.V. stock exchange since 1986. KAS BANK is part of Euronext’s Amsterdam Small Cap Index (AScX index).
As at year-end 2017, there were 15,699,017 KAS BANK ordinary shares in issue (unchanged from year-end 2016). In addition, 25 cumulative preference shares have been issued to Stichting Preferente Aandelen KAS BANK. Most of the ordinary shares in the company’s issued capital (approximately 99.3% as at year-end 2017) are managed and administered by KAS BANK Registrar’s Office, which has issued the same number of registered depositary receipts in exchange.
The nominal value of KAS BANK shares and depositary receipts is one euro (€ 1.00). Each share and depositary receipt entitles the holder to cast one vote. No special controlling rights attach to the shares or depositary receipts. No voting rights attach to KAS BANK shares and depositary receipts held by the company itself.
Attendance at General Meetings of Shareholders in 2017
We held our annual General Meeting of Shareholders on 26 April 2017, during which attendees with voting rights represented 93.3% of the issued capital. Shareholders and depositary receipt holders in attendance represented 24.8% of the voting capital.
The KAS BANK Registrar’s Office (In Dutch: Stichting Administratiekantoor Aandelen KAS BANK) acted on behalf of holders of depositary receipts who did not attend the meeting in person, representing 75.2% of the voting shares. All depositary receipt holders attending the meeting were automatically authorised to vote by the KAS BANK Registrar’s Office. All resolutions at the meeting were adopted almost unanimously, and voting results were published on our company website immediately after the meeting.
The following institutions have given notification of holdings of 3% or more in KAS BANK pursuant to the Dutch Financial Supervision Act and the Decree on Disclosure of Control and Major Holdings in Listed Companies (updated on March 1, 2019).
|Shareholder||Percentage of KAS BANK shares|
|NN Groep N.V.||5.41%|
|All Capital Holding B.V.||5.27%|
|KAS BANK N.V.||5.14%|
|ODDO BHF Asset Management||4.65%|
|Dimensional Fund Advisor LP||3.00%|
During 2017, the price of KAS BANK shares increased by approximately 18%, from €8.43 (at year-end 2016) to €9.97 (at year-end 2017). The basic earnings per KAS BANK share in 2017 were €1.02 (2016: €1.01). The figures per KAS BANK ordinary share can be found in the ‘Five years in figures’ summary.
As discussed during the General Meeting of Shareholders, our dividend policy aims at distributing 60-80% of the net result, where profit permits unless exceptional circumstances prevent us. We distribute dividends because we believe that our major shareholders as risk carriers should share in the returns achieved by our company. We are confident in achieving a long-term structural stable return, based on the nature of our business, combined with our low risk profile, and our historical performance.
In January of 2018, the European Central Bank (ECB) continued recommending that credit institutions satisfying the applicable capital requirements should distribute their net profits in dividends in a conservative manner. This will enable them to continue to fulfil all requirements, even in deteriorating economic and financial conditions.
It is proposed that a dividend of €0.64 per ordinary share be declared for 2017. An interim dividend of EUR 0.33 per ordinary share has already been distributed. The final dividend will be EUR 0.31, paid out in cash. This dividend is in accordance with the ECB’s recommendations.