Bulgaria’s financial regulator has banned the vote at the extraordinary shareholders' meeting of Enemona on the distribution of a dividend on preferred shares, the company said in a statement on Friday. The Financial Supervision Commission said that the company has not met the requirement according to the commercial act the net value of company’s assets minus dividends on preferred shares to be not less than the company’s capital.
After revision of its financial statements Enemona reported net loss of BGN 12.6m as of end-2011. The Board of directors has proposed the accumulated loss as of end-2011 of BGN 27.5m to be covered trough resources from the Premium reserves of the company.
According to Enemona’s prospectus the mandatory dividend of BGN 0.992* per share or the total amount of BGN 1.09m for 2011 should be accumulated and distributed in the following years when the company books net profit and meets the above mentioned requirements.