January 23, 2021

Meliá Hotels cancels the dividend and suspends the share buyback program


Madrid

Updated:

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The board of directors of Meliá Hotels has decided this Monday to cancel the proposed dividend distribution planned for this financial year and to suspend the own share buyback program approved last October with an early termination.

In a statement sent by Meliá Hotels International to the National Securities Market Commission (CNMV) after a meeting of its board of directors this Monday, in which It has adopted various measures due to the coronavirus crisis, in order to strengthen the solvency and liquidity of the company.

In that share buyback now suspended, Meliá had already invested more than 46 million euros to buy back 3,416% of its shares.

The council has called the ordinary general shareholders’ meeting for the next July 11 and has accepted the resignation as external proprietary director of Sebastián Escarrer Jaume, dated May 16.

Meliá Hotels has also communicated that the CEO has reduced his fixed remuneration by 50% and that all the directors will reduce 50% of the per diems for attending the delegated committees in the second quarter.

Last March 25 Meliá presented an erte for the employees of its hotels and offices, which was approved on April 21 by the labor authorities, and from which managers, who have a 50% reduction in salary while maintaining their functions, are excluded.

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