September 26, 2017 / 12:35 PM / in 24 days

BRIEF-Eastnine: new dividend policy and financial targets

Sept 26 (Reuters) - EASTNINE AB (PUBL)

* EASTNINE INTRODUCES NEW DIVIDEND POLICY AND FINANCIAL TARGETS, AND AMENDS ITS BUYBACK PROGRAM

* ‍DIVIDEND SHALL CORRESPOND TO AT LEAST 50% OF PROFIT FROM PROPERTY MANAGEMENT​

* DECIDED TO ‍REMOVE CURRENT 20 PERCENT DISCOUNT HURDLE IN ITS BUYBACK PROGRAM​

* ‍DURING BUILD-UP PHASE, ANNUAL DIVIDEND SHALL BE AT LEAST 2.0% OF NET ASSET VALUE AT PRECEDING YEAR-END​

* ‍UNTIL FURTHER NOTICE, EASTNINE WILL CONTINUE BUYBACK PROGRAM THAT COMPANY STARTED IN MAY 2016​

* ‍FINANCIAL TARGET FOR DIRECT REAL ESTATE INVESTMENTS IS THAT LOAN-TO-VALUE SHALL NOT EXCEED 65% ON PORTFOLIO LEVEL​

* SAYS WILL, AFTER CURRENT BUYBACK MANDATE EXPIRES ON 30 SEPTEMBER 2017, REMOVE 20 PERCENT DISCOUNT HURDLE​

* ‍FINANCIAL TARGET FOR DIRECT REAL ESTATE INVESTMENTS IS THAT PROFIT FROM PROPERTY MANAGEMENT CAPACITY SHALL REACH EUR 15M BY END OF 2020​ Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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