WT Microelectronics (WTM; ticker 3036 TT) convened a board meeting on February 15, 2020. 2020 annual general meeting (AGM) motions were approved by WTM’s Board of Directors (BoD). 2020 AGM will be held on March 27, 2020.
BoD approved 2019 earnings distribution motion. Cash dividend for shareholder is NT$1,645,110,999 or NT$2.78 per share based on current outstanding common shares. Cash dividend payout ratio is 65%. This will be reported in 2020 AGM.
In order to improve corporate governance, WTM’s BoD proposed an independent director candidate – Ke-Hwa Din professor who is an expert of corporate governance. Din professor teaches corporate governance in Taiwan NCCU EMBA course and was the former chairman in Taiwan Securities & Future Institute, Taiwan Depository & Cleaning Corporation, Taipei Exchange, and Taiwan Financial Supervisory Commission. Qualification and condition of this independent director candidate has reviewed by BoD. This independent director will be appointed in 2020 AGM.
In order to improve business performance and expend business scale, WTM’s BoD has the motion of special stock and common stock of private placement for long term strategic investors. These target investors have to be qualified by the conditions of strengthening customer structure, product portfolio, and marketing ability. Currently, WTM does not have any particular target of long term strategic investors. In order to increase operation capital and improve financial structure, WTM’s BoD also plans cash injection motion. Combined quota of private placement and cash injection will be within 170 million shares. These motions will be discussed in 2020 AGM.