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Director of Finance
Phone: (+47) 55 96 74 07
Mobile: (+47) 97 01 67 69
Through sound commercial operations, Rieber & Søn shall provide the shareholders with a competitive return on invested capital over time. The overall return is the total of share price appreciation and the dividends paid.
Share price development in 2010
The Rieber & Søn share provided an overall return of 14.6 percent in 2010, including dividend to shareholders. During the same period, the Oslo Stock Exchange Benchmark Index (OSEBX) rose by 13.3 percent. In the period since the strategic decision was taken in August 2000 to focus solely on foods, the Rieber & Søn share has shown an overall return of +43 percent. During the same period, OSEBX rose by +117 percent and the FTSE Europe Food Producers Index rose by +69 percent.
The Rieber & Søn share peaked in December when it was listed at NOK 47.50, and its lowest listing was NOK 38.50 in August. A dividend of NOK 2.00 per share was paid on 20 May 2010. At 31 December 2010 the Rieber & Søn share was listed at NOK 46.80 (NOK 41.00), corresponding to a rise of +14 percent in the course of the year.
Market capitalisation and share liquidity
At year-end 2010 Rieber & Søn had a market capitalisation of NOK 3 583m based on the total number of outstanding shares (NOK 3 631m after deducting holdings of own shares). In 2010, 2.0 million of the Company’s shares were traded with an aggregate market value of NOK 87.5m, corresponding to a turnover rate of 2.6 percent (1.1 percent). The shares were traded on 68 percent (63 percent) of stock exchange trading days, and the average number of transactions per day was 3.8 (3.5). One stock exchange lot consists of 200 shares.
Mandatory share purchase offer
In June 2010, Bjarne Rieber, Fritz T. Rieber and Marianne Rieber transferred their personally owed shares to the newly established company Zee Ploeg AS. This triggered a mandatory offer requirement to purchase all of the other shares in Rieber & Søn, since the aggregate shareholdings of Zee Ploeg AS and related parties exceeded 50 percent. Zee Ploeg AS offered NOK 40.50 per share, corresponding to the share price when the mandatory offer was announced.
In connection with the mandatory offer requirement the Board obtained a ”fairness opinion” from the brokerage house SEB Enskilda. SEB Enskilda concluded that the offer was lower than what could be considered to be a ”fair” value for the shares of Rieber & Søn, while at the same time pointing out that the offer represented an opportunity for existing shareholders to divest themselves of a share with limited liquidity. In the light of SEB Enskilda’s conclusion the Board advised the company’s shareholders against availing themselves of the offer.
Shareholders owning a total of 29,055,765 shares, corresponding to 37.46% of the company’s shares, accepted the offer. Zee Ploeg AS together with related parties thus own 87.92% of the shares of Rieber & Søn.
Rieber & Søn’s dividend policy was adjusted in 2009 at the same time as new financial targets and an updated Group strategy were drawn up. With these steps taken, the groundwork has been done for a considerable improvement in profitability, while capital requirements will be stabilised or reduced through capital efficiency and a lower priority given to major acquisitions. The aim to maintain an equity ratio of around 40 percent is unchanged.
The Group’s ambition is to pay a steadily increasing dividend. The annual dividend payment represents a payout ratio of between 40 and 60 percent of normalised earnings per share. Extraordinary dividend payments may be proposed if the capital situation warrants this.
The dividend adopted by the AGM will be paid through the Norwegian Central Securities Depository as soon as is practically possible. In 2011, this will be 10 working days after the AGM.
Contact persons at Rieber & Søn ASA:
Fredrik Witte, tel.: +47 55 96 74 05
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Marketmaker for the Rieber & Søn share:
ABG Sundal Collier
Tel.: +47 22 01 60 00
Account manager for Rieber & Søn ASA:
tel.: +47 22 48 35 80