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Cash or Telefónica shares? 63% of its shareholders prefer the 'scrip dividend'

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Telefónica has revealed this Friday whether its shareholders have preferred to collect the dividend in the operator's securities. The majority, 63% have opted for this option, below market estimates a few weeks ago, which were aimed at achieving a support of at least 70%.

The company has explained to the National Securities Market Commission (CNMV) that this July 1 has ended the trading period of the free allocation rights corresponding to the first capital increase charged to reserves related to shareholder remuneration through 'scrip dividend' (Telefónica Dividendo Flexible).

The result: shareholders holding 36.99% of the free allotment rights have accepted the purchase of rights assumed by Telefónica, as indicated by the company. Thus "the gross amount paid by Telefónica for these rights amounts to 370.7 million euros. In addition, it notes that it has renounced the rights thus acquired, which have been amortized.

Instead, he notes, "the shareholders holding 63.01% of the free allotment rights have chosen to receive new shares of Telefónica ".

In this way, as indicated by the company chaired by José María Álvarez-Pallete, the definitive number of ordinary shares of 1 euro nominal value that have been issued in the capital increase issued is more than 136.3 million, corresponding to 2.63% of the share capital. And, equivalently, the amount of the capital increase is 136.3 million euros.

The market estimated greater support for the 'scrip dividend' based on figures from previous years. In 2016, the last year that this option was chosen, 70% of the shareholders chose this formula.. And, in the previous two years, that level was exceeded, because in 2015 more than 79% was reached; and, in 2014, 84%.

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