ACS will distribute a flexible dividend of 1.48 euros on July 18 or one new share for every current 15

MADRID, 28 Jun. (EUROPA PRESS) -

The board of directors of ACS has agreed to distribute a flexible dividend in which shareholders will be able to choose between receiving one new share of the company for every 15 current shares or receiving payment of an amount of 1.48 euros per share in cash on next July 18.

The construction company has communicated to the National Securities Market Commission (CNMV) this proportion of rights and shares to receive in the case of choosing the first option, with July 27 being the date on which these new shares will begin to be listed on the market.

The calendar established by the board now sets June 30 as the last day on which ACS shares are traded with the right to participate in the flexible dividend and July 8 as the end of the term to request cash compensation.

The last shareholders' meeting already gave the 'green light' to this payment, which will mean an increase of 460 million euros in the event that all shareholders opt for new shares. The dividend will be paid out of voluntary reserves, cash that now amounts to 2,900 million euros.

This operation is in line with the actions that ACS has been carrying out since 2012. The payment for July last year was 1.27 euros per share, so this year's payment will be 13.4% higher, although the final calculation could raise the dividend to 1.55 euros, which would mean an increase of 22%.

ACS's objective is to reach 2 euros per share, after adding a second dividend that will be delivered in January of next year and that will entail a new capital increase for a maximum amount of 140 million euros.