LURE, France--(BUSINESS WIRE)--Regulatory News:
The Combined Ordinary and Extraordinary General Meeting of Vetoquinol (Paris:VETO) shareholders was held on Tuesday May 26, 2020 in Lure, chaired by Etienne Frechin. The shareholders did not physically attend this meeting in view of the restrictions on gatherings due to the health crisis in France.
All of the resolutions proposed by the Board of Directors were adopted, including the following:
- the 2019 parent company and consolidated financial statements were approved,
- the dividend was set at €0.38 per share. The dividend will be made available for payment as from June 4, 2020,
- reappointment of one director. Detailed results of the voting will be published in the “Shareholders’ Meeting” section of the Vetoquinol website from May 27, 2020.
The situation regarding the COVID-19 pandemic was also reviewed at the meeting.
COVID-19 pandemic, May 25, 2020 update
Vetoquinol has set up a crisis management system in order to implement the required measures, as follows:
- Protection of Vetoquinol employees via communication and reminders of preventive reflexes, adapted work organization including global introduction of work-at-home arrangements for all eligible posts, and two-week quarantine for employees who may have been in contact with confirmed cases of contamination. These instant measures have enabled Vetoquinol to preserve the health of its employees and keep all laboratory and, in particular, production operations running thanks to the commitment shown by the entire workforce.
- Measures to protect laboratory operations and jobs in the event of a significant decline in business. This means temporarily adapting laboratory operation via targeted priority choices and measures and operating cost reductions during the crisis.
- Preparations for the end of the health crisis to ensure swift resumption of laboratory operations in order to meet market requirements once normal demand for veterinary drugs is restored. As such, since May 11, 2020 Vetoquinol has been making arrangements for the resumption of work by all employees. In France, this process has been rolled out gradually in compliance with health and safety directives aimed at protecting employees and maintaining social distancing. All employees are expected to be back at work by June 2.
- Given its robust cash position, Vetoquinol has so far not applied for a state-guaranteed loan (PGE) or requested deferral of tax and social security payments. In view of the loss of revenue caused by the COVID-19 crisis, Vetoquinol is receiving assistance and compensation for partial operation in some countries including France.
The Vetoquinol laboratory is busily preparing to integrate* the Drontal® and Profender® product ranges in the second half of 2020.
Next update: H1 2020 sales and earnings, July 30, 2020 after market close
Vetoquinol is a leading global animal health company that supplies drugs and non-medicinal products for the livestock (cattle and pigs) and pet (dogs and cats) markets.
As an independent pure player, Vetoquinol designs, develops and sells veterinary drugs and non-medicinal products in Europe, the Americas and the Asia Pacific region.
Since its foundation in 1933, Vetoquinol has pursued a strategy combining innovation with geographical diversification. The Group's hybrid growth is driven by the reinforcement of its product portfolio coupled with acquisitions in high potential growth markets. At December 31 2019 Vetoquinol employs 2,372 people.
Vetoquinol has been listed on Euronext Paris since 2006 (symbol: VETO).
For further information, go to: www.vetoquinol.com.
* Subject to approval by the competent authorities and release of the usual pre-conditional clauses.