• Ordinary and extraordinary AGM held in Barcelona on 24 July 2019
• Audited annual accounts for year ended 31 January 2019 approved
• Consolidated financial statements approved
• Board members approved
• Capital increase approved
• Agreement for application to enter Euronext Growth stock exchange
Quadpack Industries, manufacturer and provider of packaging solutions to the global beauty industry, held its annual general meeting in L'Hospitalet, Barcelona, Spain, on 24 July 2019. The meeting was chaired by President and CEO Tim Eaves and attended by shareholders representing over 95 per cent of the voting share capital.
The shareholders unanimously approved the audited annual accounts and consolidated financial statements for the year ended 31 January 2019, as well as the proposed allocation of profits. According to Quadpack's policy and for the third consecutive year, approximately one third of the year's profits will be distributed in dividends. The gross dividend per share will be €0,30, the total payment amounting to €1.2 million, while the two remaining thirds of profit will go to voluntary reserves.
The appointment of the members of the Board of Directors also met with unanimous approval. These include Marc Sahonet, previous Secretary member, now appointed as member of the Board; Ignacio Fernández as Secretary non-member; and Beatriz Requena as Vice-Secretary non-member.
Following the ordinary AGM, an extraordinary AGM was held to seek approval for a share capital increase and Quadpack's application to enter the Euronext Growth stock exchange. Both operations were approved by the shareholders.
The share capital was increased by a trade-in value of €255,057, by issuing new ordinary shares, which will be subscribed to, and paid by, a new shareholder through the contribution of 25.5% of the net capital of a German beauty packaging company.
To make the transaction possible, the shareholders agreed upon a modification to article 5 of the company's Articles of Association. With this modification, the share capital of the company now amounts to €4.203.926 after the capital increase.
In the final point of the extraordinary AGM, it was agreed to apply to upgrade Quadpack's listing on the Euronext Paris stock exchange from Euronext Access to Euronext Growth.
Quadpack President and CEO Tim Eaves concludes: “2018 has been a spectacular year for Quadpack and this AGM reflects the consensus among shareholders that we are going in the right direction. We have enjoyed 20% average growth over the past five years and this trend is set to increase further still – fuelled by the operations approved during the meeting. Our future has never looked brighter.”