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TCS: Results of annual general meeting of shareholders 2011
Vinacomin - CaoSon Coal Joint Stock Company (HNX: TCS) has disclosed the results of its Annual general meeting of shareholders held on 25/03/2011. The following resolutions were approved:
I. Approve reports of the BOD, Management Board and Supervisory Board:
1. The Operating Result in 2010:
- Charter capital: VND100bil.
- Sales: VND 2,490bil.
- Profit before tax: VND 86bil.
- Salary: VND 6,763,000/ employee/ month
2. The Operating Plan of 2011:
- Charter capital: VND 150bil.
- Sales: VND 2,698bil.
- Profit before tax: VND 78bil.
- Dividend payment: 15% of charter capital
3. Audited financial statement:
- Total assets: VND 1,234bil.
- Liabilities: VND 1,027bil.
- Equity: VND 207bil.
- Total profit before tax: VND 86bil.
4. Reports of Board of Directors and Supervisory Board.
II. Approve dividend payout ratio, setting up funds, remuneration for the BOD and Supervisory Board in 2010:
1. Dividend payout ratio of 2010: 18% of charter capital
2. Setting up funds:
- Profit before tax: VND 86,398,538,161
- Exempted Income tax: VND 19,635,566,942, in which:
+ Payables to the State: VND 11,003,239,346
+ Investment & Development Fund: VND 8,632,327,596
- Profit after tax: VND 66,762,971,219, in which:
+ Reserve fund for charter capital supplement: VND 3,338,148,561
+ Dividend payout ratio: VND18,000,000,000 (18%)
- Finance Reserve Fund: VND 3,006,025,374
- Investment and Production Development Fund: VND 21,209,398,642
- Bonus to the management and the BOD: VND 300,000,000
- Bonus and welfare fund: VND 20,909,398,642
3. Remuneration for the BOD and Supervisory Board in 2010:
- For the BOD: VND 94,872,000
- For the Supervisory Board: VND 53,268,000
Total remuneration for the BOD and Supervisory Board: VND148,140,000
III. Approve the plan of bonus share issue to increase charter capital from VND 100bil. to VND 150bil.
1. Number of shares to be issued: 5,000,000 shares.
2. Reasons: Issue of bonus shares.
3. Exercise rate: 2: 1 (Shareholders are entitled to have 1 new share for every 2 shares they own). Number of share purchase rights will be rounded down to unit digit.
4. Resource: Investment & Development Fund and other legal resources.
5. Expected exercise date: after the plan is approved.
6. The BOD is responsible for carrying out the issue.
IV. Approve the change in the name of the Company:
1. Old Vietnamese name: Công ty cổ phần Than Cao Sơn - TKV
2. New Vietnamese name: Công ty cổ phần Than Cao Sơn - Vinacomin
V. Approve the auditor for Financial Statement in 2011: Auditing and Informatic Service Company, No.42, Nguyen Thi Minh Khai Street, District 3, Ho Chi Minh City.
hnx
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