Austria's conwert to recommend passing 2008 dividend despite profit, liquidity

Austrian residential investor conwert Immobilien is to propose to its annual meeting to pass the 2008 dividend and submit a proposal for the appropriation of total profit, taking into account market and company developments. "Although - in contrast to the negative group result for the year of e30m - total profit .. existing liquidity and the positive operating business development in the first months of 2009 generally allow a dividend, we propose not to pay out a dividend for the year 2008 due to growing insecurity regarding the further economic development," conwert Chairman Johann Kowar said. "In this environment, we attach top priority to strengthening liquidity, reducing debt and to the value-increasing use of existing funds to improve our financing and balance sheet structure."