Connie Crane's stock price declined after the stock split was approved.

Investing.com – Konecranes Plc (HEL:KCR) shares fell 6.02% on Friday after the company’s annual general meeting approved a stock split plan that will dilute the dividend rights of existing shareholders.

On Thursday, the annual general meeting approved a one-for-two stock split plan, meaning that for each share of existing stock held, shareholders will receive two new shares. A total of 158,443,812 new shares will be issued based on the number of shares on the meeting date.

The new shares will be recorded in shareholders’ book accounts around March 31, but these new shares will not be entitled to the dividend approved by the annual general meeting.

The meeting approved a dividend of €2.25 per share to be distributed to shareholders registered as of March 30, with the dividend to be paid on April 8. The dividend will be distributed from the parent company’s distributable assets.

The annual general meeting also approved changes to the board of directors. Pasi Laine, Ulf Liljedahl, Gun Nilsson, Päivi Rekonen, Thomas Schulz, and Birgit Seeger were re-elected, while Matts Rosenberg and Marco Wirén were elected as new members. Laine was elected as chairman, and Liljedahl was elected as vice chairman.

The annual salary for the chairman is set at €160,000, the vice chairman at €100,000, and other members at €72,000. 40% of the annual salary will be paid in the form of Konecranes shares.

The annual general meeting authorized the board to repurchase up to 22,500,000 shares, representing about 9.5% of all shares after the split.

The board was also authorized to issue up to 22,500,000 shares and transfer the company’s own shares. These authorizations are valid until the next annual general meeting concludes, but no later than September 26, 2027.

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