JUMBO distributes 5.900.000 bonus shares to the old shareholders
With the participation of shareholders that represented the 82,83% of the share capital, the Extraordinary General Meeting which was held today, approved the share capital increase and the distribution of 1 bonus share for every 22 old shares.
The general meeting of the shareholders authorized the Company’s Board of Directors to proceed to understandings and negotiations with the banks for the issuance of a new common bond loan of an equal amount.
As it has been already announced, in May 2014 the Company will proceed to the full and complete redemption of the existing bond loan amount of € 145 million.
During the Extraordinary General Meeting the company’s management informed its shareholders that the positive trend on the sales during the first half of the current financial year continued also in January. As a result the sales of the Group were increased by + 7,22% y-o-y for the first seven months of the current financial year.
Jumbo Group operates a network of 66 stores, of which:
• 52 are located in Greece
• 4 are located in Cyprus,
• 8 are located in Bulgaria,
• 2 are located in Romania
and also the on line store e-Jumbo.
During the second half of the current financial year it is expected to open one more owned store in the northern Greece (9.000sqm). Gradually, with two stores during the current financial year, the radical renovation of the old stores of the Group is about to begin.
Furthermore, the management informed the shareholders that regarding the results of the first half of the current financial year the fact that the Euro remained at high levels against the U.S. dollar contributed to the improvement of the gross margin. However, part of the positive effect is offset as tax reforms and increased corporate tax rate in Greece and Cyprus increased taxes by approximately 50% y-o-y.
Note that the detailed results for the first half of the current fiscal year are expected to be announced on Thursday, February 27th after the closing of the Athens Stock Exchange.