Cresud Inc (NASDAQ:CRESY), a prominent real estate and agricultural company, has announced it will hold a virtual General Ordinary and Extraordinary Shareholders' Meeting on October 28, 2024. The announcement, detailed in the company's recent 6-K filing with the Securities and Exchange Commission, outlines a comprehensive agenda including the allocation of significant net income and the ratification of a previous cash dividend distribution.
The meeting is set to cover the fiscal year ended June 30, 2023, and will address the approval of financial statements, the allocation of a substantial net income of approximately 70.8 billion Argentine pesos, and the distribution of dividends, with the board of directors entrusted to determine the proportions payable in cash or in kind. Additional points include the consideration of the board and supervisory committee's performance, the appointment of directors, and the ratification of a cash dividend distribution made earlier in May 2024.
Cresud's management has also proposed the reallocation of existing voluntary reserves and delegated the application and disposition of these funds to the board of directors. The meeting will also include the appointment of a certifying accountant for the upcoming fiscal year and the approval of compensation for both the board and supervisory committee.
Shareholders are being invited to attend the meeting virtually or in person, with a deadline of September 22, 2024, to register their attendance. The company emphasized the need to identify the final beneficial holders of shares and the number of shares to be voted. The meeting will utilize the Zoom (NASDAQ:ZM) platform, ensuring equal access and participation rights for all shareholders.
This announcement is based on a press release statement and provides shareholders and investors with key information about the company's governance and financial distribution plans. Cresud's proactive approach to corporate transparency and shareholder engagement reflects its commitment to robust corporate governance practices.
In other recent news, Argentine real estate firm Cresud Inc. has announced the successful issuance of Series XLVI notes in the local capital markets, raising the equivalent of USD 28.6 million. The notes, issued at a face value of 100 percent and an interest rate of 1.50%, are set to mature on July 18, 2027, with semiannual interest payments starting from January 18, 2025. The company has chosen a bullet payment method, meaning the principal will be paid in full at maturity.
This move, reported to the Securities and Exchange Commission (SEC), signifies Cresud's active engagement in the capital markets and offers investors a chance to invest in the company's fixed-income securities. The recent developments align with Cresud's broader financial strategies and reflect its ongoing efforts to bolster its capital structure. Investors might view this notes issuance as a strategic step by the company to diversify its financing sources and extend its financial profile, given the economic conditions of the local market.
InvestingPro Insights
In light of Cresud Inc's (NASDAQ:CRESY) upcoming General Ordinary and Extraordinary Shareholders' Meeting, an analysis of real-time data and InvestingPro Tips offers valuable insights for shareholders and investors. Cresud is currently trading at a low earnings multiple with a P/E ratio of 9.13, which could suggest the stock is undervalued relative to its earnings. The company has demonstrated a strong financial performance with revenue growth of 273.61% in the last twelve months as of Q4 2023, and an impressive gross profit margin of 40.98%.
Investors may also find the company's dividend policy to be of significant interest. Cresud pays a substantial dividend to shareholders, with a dividend yield of 8.31% as of 2024, which is quite attractive for income-seeking investors. Moreover, the company has experienced a large price uptick over the last six months, with a 15.67% total return, highlighting the potential for capital gains alongside dividend income.
For those looking to delve deeper into Cresud's financial health and growth prospects, InvestingPro provides additional insights, including tips on Cresud's significant debt burden and its status as a prominent player in the Food Products industry. There are a total of 9 InvestingPro Tips available, which can be accessed for more detailed analysis and investment considerations at https://www.investing.com/pro/CRESY.
With these factors in mind, shareholders attending the upcoming meeting can engage with management from a position of informed insight, addressing not only the company's past performance but also its future potential as reflected in the latest market data and expert analysis.
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