Securities administration - Bulgaria
Income collection
Market Record date | Ex-date period | Basis for entitlement | Standard interest calculation rule | |
| Coupon payment on government securities issued in BGN | PD-1 | Settled position on record date | Actual/Actual | |
| Coupon payment on government securities not issued in BGN | PD-2 | Settled position on record date | Actual/Actual | |
| Coupon payment on corporate bonds | PD-2 | Settled position on record date | Actual/Actual | |
| Dividend payment | GM+14 calendar days | Settled position on record date | Not applicable | |
The decision for dividend distribution is taken on the AGM. No fixed payment date is announced in advance. Bulgarian law provides for dividends to be paid no later than 3 months after the general meeting and most companies pay the dividends one month after the AGM. CDAD is responsible for the payment of dividends and other payments for all securities registered at the CDAD.
Corporate actions
Entitlements for debt securities and equities are determined based upon the settled positions on record date.
Most common corporate events
The most common corporate events in the Bulgarian market are shareholder meetings, capital increases with rights, tender offers, stock splits and bonus issues.
Organisation of AGM/EGMs
AGMs are normally held by companies during the months of March, April and May in order to close the previous year by approving the statement of finances and the annual report.
All public companies must publish the material for the AGM on their website or through official media at least 30 days prior to the meeting. The invitation should specify the record date of the event (that is 14 calendar days prior to the AGM). The registered owners that have a position on the record date are entitled to participate to the AGM. In addition to voting physically or through a proxy representative (empowered person), the shareholders have a possibility to vote prior to the general meeting via correspondence including email.
Disclosure of the final beneficial owner is mandatory at least two weeks before the date of AGM/EGM, upon request from the issuer through Issuer CSD (CDAD particularly), otherwise the shareholder will not be able to participate in the meeting.
Other market specifics
The shares are not blocked for voting purposes.