At the recent annual meeting of Accell Group’s shareholders, a dividend proposal was approved giving shareholders the option to receive €0.95 per outstanding ordinary share in either cash or shares. The payout ratio is 47.4 percent and the dividend yield is 3.7 percent, and both are based on the closing share price at the end of 2006. The number of dividend rights that entitle the holder to one new share will be determined on May 18, based on the average share price during the May 2-17 period. The effect will be to raise the value of a stock dividend by 2-4 percent above the value of the corresponding cash dividend. The dividend is payable on May 22. Also at the meeting, J.J. Wezenaar was reappointed as a member of the company’s supervisory board. Separately, Accell Group said in a press release, without going into detail, that its sales in the first months of 2007 have exceeded those of the same period in 2006. The growth has been driven by increased bicycle sales, which have benefited from the warmer weather. Conversely, turnover from fitness products has risen at a slower rate because of the summer-like temperatures across much of Europe. Accell has completed its acquisition of Brasseur, a bicycle trading company based in the French-speaking region of Belgium. Accell has begun consolidating the company as of April 1. Accell expects turnover and operating results to increase this year, but it will not commit itself to any forecasts until it releases its results for the first half on July 20.