I am a bit critical of your argument (even though I understand very well your point).
To use ‘financial trickeries’ to bloat the true value of a company I am bit hesitant towards (whether that is delayed dividend payments or other aspects), especially in the intent of using Sampo shares as form of payment of buying the rest of Topdanmark.
As a sampo shareholder I would be fine with this solution, but as a Topdanmark share holder I would be pi#%ed off. Here one could draw an analogy to Boreo - Sievi saga (but lets leave it at that).
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Then relative to the provided info on Miksi suunnitellusta lisäosingosta päätetään vasta ensi kevään varsinaisessa yhtiökokouksessa?
Lisäosinkoehdotuksesta päätetään normaalin vuosittaisen osinkoehdotuksen yhteydessä. Tuolloin koko vuoden tulos on selvillä ja kokonaiskuva ylimääräisen pääoman suhteen on tarkempi. Lisäksi tiedämme silloin paremmin, miten käynnissä oleva omien osakkeiden osto-ohjelma on edennyt, joten on helpompi päättää allokaatiosta osingon ja omien osakkeiden oston välillä.
I do not like this at all. I view this as irrational logic: why have the buy-back program as a measurement for how much to distribute as a form of extra dividend payment?
Yes, I understand the idea, but if Sampo is to pay extra dividends based on this logic, we, the shareholders, need to wait several years for the entirety of extra dividends as the share buy-back program is so large can only be implemented across several years (especially if they launch a new one following this).
This is not to be viewed as a criticism towards buy-backs.
I suggest instead Sampo should distribute small portions of dividend several times (e.g. per year), relative to the size of the current buy-back program (750 mil EUR), suggesting that a extra dividend of 750 could be paid in December. This would also limit the ‘osinko kiima’ aspect, which I do not like either. Sampo could for example in distributing normal dividends move towards a US based system, where dividens are distributed every quarter.
This would be most logical going forward.