Tenaris Shareholders Approve Dividend Payment and Election of Directors.LUXEMBOURG -- Tenaris S.A. (NYSE NYSE See: New York Stock Exchange :TS) (BCBA BCBA Board Certified Behavior Analyst BCBA Baltimore County Bar Association (Towson, MD) BCBA Building Code Board of Appeals BCBA Barnstable County Beekeepers Association (Massachusetts, USA) :TS) (BMV BMV Bolsa Mexicana de Valores BMV Bureau of Motor Vehicles BMV Bundesministerium für Verkehr (German: Federal Ministry of Transport) BMV Below Market Value BMV Brome Mosaic Virus BMV Bedside Medication Verification :TS) (BI:TEN), in its annual general shareholders meeting today, approved the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the year ended December 31, 2004 and the payment of the proposed annual dividend to shareholders of US$0.169 per share (US$1.69 per ADS), or approximately US$200 million. The dividend payment date will be June 13, 2005 and the corresponding ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. will be June 8. The general shareholders' meeting also approved the re-election of the current eight members of the board of directors and the election of Roberto Monti to serve as members of the board of directors until the next annual shareholders' meeting, which will be held in June 2006. Mr. Monti is a former Executive Vice-President of Repsol YPF and currently serves as non-executive chairman of Trefoil trefoil (trē`foil) [O.Fr.,=three-leaf], in botany, name for several plants, chiefly of the pulse family, having trifoliate leaves. Best known of the trefoils is clover. Ltd., and member of the board of directors of Wood Group, Transocean Inc. and Petrobras Energia S.A. The board of directors subsequently confirmed Amadeo Vazquez y Vazquez and Jaime Serra Puche Jaime José Serra Puche (b. January 11, 1955 in Mexico City) is a Mexican economist. He is Chairman of SAI Consulting and Principal of NAFTA Fund. His professional practice includes the design of investment strategies in Mexico for foreign companies and advice to Mexican companies and elected Roberto Monti as members of the Company's audit committee, with Mr. Vazquez y Vazquez to continue as chairman. All three members of the audit committee are independent directors. The shareholders' meeting also re-appointed Price Waterhouse & Co. S.R.L., a member firm of PricewaterhouseCoopers, as its independent auditors for the 2005 fiscal year. The extraordinary general shareholders' meeting also held today approved the procedural amendments to the Company's articles of association proposed in the agenda for the meeting. Shareholders may obtain details of the amendments and copies of the amended articles of association by contacting the Company's registered office in Luxembourg. Tenaris is a leading global manufacturer of seamless steel pipe products and provider of pipe handling, stocking and distribution services to the oil and gas, energy and mechanical industries and a leading regional supplier of welded steel pipes for gas pipelines in South America. Domiciled in Luxembourg, we have pipe manufacturing facilities in Argentina, Brazil, Canada, Italy, Japan, Mexico, Romania and Venezuela and a network of customer service centers present in over 20 countries worldwide. |
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