Bank of Georgia Group PLC (the “Company”) may by ordinary resolution declare dividends provided that no such dividend shall exceed the amount recommended by the Company’s Directors. The Directors may also pay such interim dividends as appear to be justified by the profits of the Group available for distribution.
As Bank of Georgia Group PLC is a holding company, the Group relies primarily on dividends and other statutorily (if any) and contractually permissible payments from its subsidiaries to generate the funds necessary to meet its obligations and pay dividends to its shareholders.
The Board decided not to recommend a dividend to shareholders at the 2020 Annual General Meeting. When the full economic impact of the COVID-19 pandemic is better understood, the Board will consider the appropriate level.