Announcement on essential facts
Report dealing with annual general shareholders՚ meeting of "Converse Bank" Closed Joint Stock Company
Dividend policy of "Converse Bank" CJSC
Bank is empowered to make decisions (announce) dealing with the quarter and annual dividends of its shareholders.
1. Procedure on Payments of interim dividends
1.1 Interim dividends may be paid quarterly by the Bank, and the amount of the dividend is decided by the Council
1.2 Guidance for deciding the amount of interim dividends maybe decided by the difference of the average interest rate of current loans and fixed deposits for the current quarter.
2. Procedure on Payments of annual dividends
Suggestions dealing with payment of the annual dividends and the amount of the dividends are submitted to the Bank at the shareholder՚s meeting by the Council.
3. Limitations of the payment of shareholders dividends
It is restricted to allot shareholder՚s dividends (both interim and annual) by the Bank, if:
a) Bank՚s charter capital is not fully paid
b) While dividend allotment, Bank՚s losses are equal to or are more than the amount of non-allotted net profit.
c) value of net assets is less than bank՚s charter capital or will be reduced as a result of a dividend
d) even one norm of economical activity defined by RA CB restricts payment of a dividend
e) The amount of interim dividends should not exceed 50% of the dividends allotted from the results of the previous year and the amount of annual dividends should not be less than the amount already paid in interim dividends.
f) One shareholder may be paid interim quarterly dividends up to 10% of the common dividend received by current shareholders for each quarter.
g) Bank՚s dividend amount to be paid for every quarter to all shareholders keeping common stocks should not be more than 30% of the profit made within the current quarter.
h) If the volume of annual dividends are defined as equal to the volume of interim dividends already paid then an annual dividend is not paid.
i) If the volume of annual dividends are defined more than interim dividends already paid then annual dividends are paid in size of difference between defined annual dividends and the amount of already paid interim dividends of the current year.
The total amount of remuneration of the Board members, Executive Director, and Chief Accountant received from the Bank within the previous year
The total volume of loans and other lending provided to the Bank Board, Members of the Executive Body, Chief Accountant, significant participants and affiliated entities as of (01/01/15-31/12/15) within the last year has made AMD 1.817.235 the average weighted interest rate - 13.61%, from which:
- Loans and other lending provided to the Bank Board, Members of the Executive Body, Chief Accountant and affiliated entities within the last year as at 31/12/15.
- Loans and other lending provided to significant participants and affiliated entities within the last year as at 31/12/15.
Any shareholder of "Converse Bank" CJSC has the right of receiving the copy of the Bank last annual financial statement and the copy of the Independent Auditor՚s report pursuant to Article 43 (Part 4) of the RA Law "On Banks and Banking".
Each participant, holding 2% and more of the Bank voting shares, has the right of receiving all information as specified by Parts 4 and 5 (Article 43) of the RA Law "On Banks and Banking". You may find the law at Regulation section.
The Bank provides the above-mentioned information FREE OF CHARGE within three banking days upon receipt of the relevant letter of application. The letter of application may be submitted by hand to the Head Office, any branch or representation, as well as via e-mail: email@example.com, or post: 26/1 V.Sargsyan, Yerevan 0010, RA.