Business Context and Reporting Period
Company: Macro Bank Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: October 21, 2020
Context: This filing translates a submission to the Argentine Securities Commission (CNV) regarding resolutions adopted at a Special Shareholders' Meeting held on October 21, 2020. The primary focus is the authorization of a supplementary cash dividend to adjust a previously approved dividend for inflation.
Key Financial Metrics
The filing does not provide comprehensive financial statements (revenue, profit, cash flow, or debt). Specific financial figures disclosed are limited to dividend-related allocations:
- Supplementary Dividend Allocation: $3,791,721,509 (Argentine Pesos) separated from the optional reserve fund.
- Base Dividend: $20 per share (approved April 30, 2020).
- Withholding Tax: 7% applicable under Section 97 of the Argentine Income Tax Act.
Note: The filing text does not provide clear values for revenue, net income, operating margins, total debt, or liquidity ratios.
Material Changes
The material change reported is the formal separation of funds from the optional reserve to facilitate an inflation-adjusted dividend payment. This action supplements the dividend approved in April 2020, ensuring the payout reflects the change in the Consumer Price Index (CPI) between April 2020 and the date of Central Bank authorization.
Guidance, Outlook, and Management Commentary
Dividend Mechanism: The Supplementary Dividend is calculated by multiplying the base $20 dividend by a coefficient derived from the ratio of the most recent CPI (at the time of Central Bank authorization) to the CPI of April 2020.
Board Delegation: The Board of Directors has been delegated the authority to:
- Determine the timing and method of distribution once authorization is obtained from the Central Bank of the Argentine Republic (BCRA).
- Determine the portion of the dividend subject to the 7% withholding tax.
Contingencies: The actual payout is contingent upon BCRA authorization. If the calculated inflation-adjusted amount is less than the $3,791,721,509 reserve, the excess returns to the optional reserve fund.
Investor Verification Checklist
- Verify the specific CPI data points used for the calculation once the BCRA issues its authorization.
- Confirm the final approved payout date and method as determined by the Board.
- Review the impact of the 7% withholding tax on the net distribution to shareholders.
- Check subsequent filings for the actual disbursement of the Supplementary Dividend.