Breukelen, the Netherlands – August 23, 2023 at 8 AM CEST – 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 € 62.500.000 by 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.
For more information please contact:
About TIE Kinetix
At TIE Kinetix, we help companies of all sizes achieve their digitalization goals. From 1% to 100% or anywhere in between, our cloud-native FLOW Partner Automation platform is designed to completely eliminate paper from the supply chain, enabling our customers to focus on three corporate initiatives that drive true organizational change: business process efficiency, compliance, and corporate social responsibility (CSR).
We believe that digitalization (not digitization) is the future. We believe in conscious development, and we believe in moving ourselves and our customers forward. More than 2,500 companies have chosen TIE Kinetix to support their EDI, e-invoicing, and general digitalization projects, and we proudly facilitate the exchange of over 81 million documents through FLOW each year—the equivalent of 10,000 trees saved.
Founded in 1987, TIE Kinetix is a public company (Euronext: TIE) with offices in the Netherlands (HQ), France, Germany, Australia, and the United States. For more information, visit www.TIEKinetix.com, and follow us on LinkedIn, Twitter, Facebook, Xing, and YouTube.
TIE Kinetix N.V.
De Corridor 5d
3621 ZA Breukelen