Given the situation caused by the outbreak of the coronavirus and as a consequence of the Swedish Financial Supervisory Authority’s announcement on 24 March 2020 that banks are expected to refrain from paying dividends until the prevailing situation has become clear, the Board of Resurs Holding has decided to postpone the 2020 Annual General Meeting to a later date.
As previously communicated, the Board has proposed that the Annual General Meeting resolve on a dividend of SEK 2.10 per share, and the Board believes that the Resurs Group’s strong capital position and solid financial position still allow such a dividend. However, the Board intends now to further analyse and consider the situation, including the Financial Supervisory Authority’s announcement regarding dividends from banks.
The Resurs Group has a strong financial position and its capital position is stable and strong. Like society at large, the Resurs Group is impacted by the spread of the coronavirus. Resurs can determine that some of the Group’s partners in the retail sector have been negatively affected, and that, to a certain extent, this will impact the Retail Finance business line. Resurs can also see a slight decline in demand in the Consumer Loans business line, but continued stable flows in the deposit operations.
It is not currently possible to more precisely assess the effects that the outbreak of the coronavirus will have on the Resurs Group going forward. However, it should be emphasised that the Resurs Group has solid procedures and experience of monitoring and business contingency plans for economic fluctuations, and is continuously monitoring and analysing the current course of events, and is taking action to limit the effects. For example, the company has introduced austerity measures to its credit scorecard, as it did in the financial crisis of 2008. The company’s main focus is to be available to customers and partners and to maintain as high a level of service as possible during this period.
The new date of the Annual General Meeting will be announced as soon as possible, and the notice of the Annual General Meeting will be issued not later than four weeks prior to the Meeting. Any decision to change the previous proposal on dividends will be made public as soon as possible. The Annual General Meeting will take place not later than 30 June 2020.
This information is such information that Resurs Holding is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 25 March 2020 at 08:30 p.m. CET.
About Resurs Holding
Resurs Holding (Resurs), which operates through the subsidiaries Resurs Bank and Solid Försäkring, is the leader in retail finance in the Nordic region, offering payment solutions, consumer loans and niche insurance products. Since its start in 1977, Resurs Bank has established itself as a leading partner for sales-driven payment and loyalty solutions in retail and e-commerce, and Resurs has thus built a customer base of approximately 6 million private customers in the Nordics. Resurs Bank has had a banking licence since 2001 and is under the supervision of the Swedish Financial Supervisory Authority. The Resurs Group operates in Sweden, Denmark, Norway and Finland. At the end of the fourth quarter of 2019, the Group had 750 employees and a loan portfolio of SEK 31.3 billion. Resurs is listed on Nasdaq Stockholm.