Breukelen, 23 August 2023, 08.00 – TIE Kinetix, a leader in 100% supply chain digitalization provides an update on its dividend payment following financial close of the sale of its business and operations.
On July 26, 2023 TIE Kinetix N.V., a leader in 100% supply chain digitalization, announced that it has reached agreement to sell all of its business and operations to SPS Commerce, Inc. for a total purchase price of € 68,35 million, subject to shareholder approval on an Extraordinary General Meeting, convened for September 6, 2023. Following financial close of the transaction, scheduled for September 13, 2023 TIE Kinetix N.V. intends to distribute a cash interim dividend to the shareholders amounting to € 30,49 per share.
SPS Commerce, Inc. and TIE Kinetix N.V. have agreed that TIE Kinetix N.V. shall no longer use the name 'TIE' and 'TIE Kinetix' following financial close. For that purpose, TIE Kinetix N.V. intends to amend its articles of association and change its name into Titan N.V. at September 13, 2023.
Dividend Withholding Tax considerations
In general, cash dividend payments in the Netherlands are subject to 15% dividend withholding tax. However,an exemption or a reduction may apply for shareholders eligible for the participation exemption in Dutch Corporate Income Tax or for foreign shareholders claiming tax treaty protection. Cash dividend payments from the share premium reserve are not subject to Dutch Dividend Withholding Tax, once all realized and expected profit reserves have been distributed.
Cash dividend payment
Following financial close TIE Kinetix/Titan intends to pay out an amount of € 62.500.000by means of an interim dividend. Consequently, a proposal to approve an interim dividend in the amount of € 30,49 is on the agenda of the Extraordinary General Meeting of shareholders, convened for September 6, 2023.
The dividend payment will take place in two parts:
- An amount currently estimated at € 27,64 will be distributed from the company’s share premium reserve. This dividend distribution will not be subject to dividend withholding tax;
- An amount currently estimated at € 2,85 will be distributed from retained earnings. This dividend distribution will be subject to Dutch dividend withholding tax.
Time lines Interim Dividend
Ex-date : 14 September 2023
Record date : 15 September 2023
Deadline claiming (participation- / treaty- ) exemption : 18 September 2023 14:00
Payment date : 20 September 2023
TIE Kinetix/Titan N.V. requests shareholders eligible for an exemption or reduction of Dutch dividend Withholding tax to submit their evidence of their eligibility for a reduced rate before September 18, 2023.