- Almost $6.5M in capital returned to shareholders at extraordinary general meeting
- Shares were 1.5 cents, an overwhelming majority voted in favour of the motion
- The company is in a strong financial position following half-yearly results
Axiom Properties Limited (ASX: AXI) announced the results of its extraordinary general meeting this morning.
Shareholders passed the motion to return capital to shareholders by show of hands, 347,258,726 for the motion, 10,000 against, no abstentions and 167,280 discretionary votes.
The return of capital per security in Axiom is stated as 1.5 cents.
Originally called on 15 February this year, the extraordinary general meeting was called “to consider a resolution to return $6,490,705 to shareholders by way of a cash payment,” the intention for which was put to market on 12 February.
Axiom then stated that “The Directors believe that a return of capital of this amount will leave the Company capitalised to grow its business whilst also taking into account the interest of all stakeholders.”
The capital return takes place after unrelated movements earlier this month by the company, selling off part of the Glenlea Estate in Mount Barker.
It’s a positive time for the company overall, the half-yearly results announced back on 12 February 2021, showed increased revenues, up 21,721% to $29.54 million, and other key metrics all up across the board.
Profits increased by 558% to $5.561 million, in the last reporting period the company only achieved a profit after tax of $997,000.
The company stated net tangible assets per security also up, now 7.13 cents, previously 5.77 cents per security.
Axiom noted the profit was “profit is largely attributable to the sale of the World Park land and Safecom development under construction to Charter Hall. The Group’s existing pipeline of projects is now underpinned by a strong cash balance.”