Bic: suspends share repurchases and cuts dividend
(CercleFinance.com) - Faced with the Covid-19 pandemic, Bic has announced that its board of directors has decided to adjust the capital allocation policy for 2020, notably suspending its share repurchase program for the foreseeable future.
The manufacturer of stationery, lighters and razors has also decided to reduce its dividend proposed for 2019 to 2.45 euros per share, compared to 3.45 euros initially. The dividend will be voted at the general meeting on 20 May.
However, Bic points out its solid financial position, with net cash of slightly over 170 million euros in mid-March, with the group confirming access to liquidity with its historic banking partners.
The market clearly approves of Bic's reaction to the current crisis; the Bic share is up over 6% in early trading on Thursday.
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