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Shareholders’ Equity | Note 18. Shareholders’ Equity
Preferred Shares
Tecnoglass is authorized to issue preferred shares with a par value of $ per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors.
As of December 31, 2021, there are preferred shares issued or outstanding.
Ordinary Shares
The Company is authorized to issue ordinary shares with a par value of $ per share. As of December 31, 2022, a total of Ordinary shares were issued and outstanding.
Legal Reserve
Colombian regulation requires that companies retain 10% of net income until it accumulates at least 50% of subscribed and paid in capital. The amount recorded meets this standard.
Earnings per Share
Long Term Incentive Compensation Plan
On December 20, 2013, our shareholders approved our 2013 Long-Term Equity Incentive Plan (“2013 Plan”). Under the 2013 Plan, ordinary shares are reserved for issuance in accordance with the plan’s terms to eligible employees, officers, directors and consultants. As of December 31, 2022, no awards had been made under the 2013 Plan.
Dividend
In November 2022, the Company declared a regular quarterly dividend of $January 31, 2023, to shareholders of record as of the close of business on December 31, 2022. per share, or $ per share on an annualized basis, for the fourth quarter of 2022. The quarterly dividend was paid in cash on
The payment of any dividends is ultimately within the discretion of our Board of Directors. The payment of dividends in the future, if any, will be contingent upon our revenues and earnings, if any, capital requirements and our general financial condition and limitations imposed by our outstanding indebtedness.
Dividend declarations and the establishment of future record and payment dates are subject to the Board of Directors’ continuing determination that the dividend policy is in the best interests of the Company and its shareholders. The dividend policy may be changed or cancelled at the discretion of the Board of Directors at any time.
Non-controlling interest
We own 70% of the equity interest in ESMetals. When the Company owns a majority (but less than 100%) of a subsidiary’s stock, the Company includes in its Consolidated Financial Statements the non-controlling interest in the subsidiary. The non-controlling interest in the Consolidated Statements of Operations and Other Comprehensive Income is equal to the non-controlling interests’ proportionate share of the subsidiary’s net income and, as included in Shareholders’ Equity on the Consolidated Balance Sheet, is equal to the non-controlling interests’ proportionate share of the subsidiary’s net assets. In determining the fair value, we used the income approach and the market approach which was performed by the assistance of third party valuation specialists under management.
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