• Stock Information
• Dividend policy
• Analysis

Dividend policy

Dividend for 2010 and payment to shareholders

In line with the Group’s dividend policy, the Board will ask the AGM to approve an ordinary dividend of NOK 2.00 per share, corresponding to dividend cover of 51 percent. In view of the considerable amount of freed capital, partly due to the divestment of activities and a strong cash flow, the Board also proposes an extraordinary dividend of NOK 5.00 per share, bringing the total proposed dividend to NOK 7.00 per share. The adopted dividend will be paid on 27 May 2011. At year-end 2010 the Company had an equity ratio of 57 percent. After paying the proposed dividend, in total NOK 536m, the equity ratio will be 42 percent.

Own shares

At 1 January 2010 the Company owned 1 019 392 of its own shares. During the year Rieber & Søn sold none of these shares and the Company’s holding of its own shares at year-end was thus unchanged. The average purchase price of these shares is NOK 50.50 per share. For information related to equity movements please refer to the annual accounts.

Tax on dividends and capital gains

Dividends paid to foreign shareholders for the tax years 2001-2004 were subject to tax at source, while Norwegian shareholders received the dividends free of tax. Rieber & Søn believes that this practice discriminated against foreign shareholders and legal action has therefore been taken. While rulings on matters of principle are awaited in connections with parallel cases, no date has yet been set by Bergen Municipal Court to consider this case. The authorities have indicated that any legal action must be brought by the shareholders individually.

Market-maker agreement

As a stimulus to a higher share turnover and the creation of a more liquid market for its shares, Rieber & Søn has entered into a market-maker agreement with the stockbrokers ABG Sundal Collier. Through continuous and binding bid and offer prices there will always be both buyers and sellers in the market. This will make it easier for both buyers and sellers of the share to meet in the marketplace, and at the same time provide the security of knowing that shares in Rieber & Søn can be purchased or sold at any time. The agreement also ensures that there is no major difference between the bid and the offer price (spread).

The companies listed on the Oslo Stock Exchange are divided into different groups, based on the liquidity of the share. In relation to liquidity categories, the Rieber & Søn share is listed as OB Match which means at least ten transactions a day and/or a market-maker agreement.

Electronic interim reporting

Rieber & Søn’s interim reports are published mainly in electronic format. This makes it possible to provide the shareholders with information quicker and more effectively. The annual report, interim reports, press releases, presentations and other information about the Group are published as they arise on Rieber & Søn’s website at www.rieberson.no. The interim reports will also be sent to shareholders and other interested parties on request.

Investor Relations

The objective of our Investor Relations activity is to provide the stock market with the best basis for a correct pricing of the Rieber & Søn share. We strive to ensure that information which may be of importance to shareholders is communicated immediately to the financial markets in Norway and abroad. Rieber & Søn holds regular presentations in connection with presentation of the annual and interim accounts. We are also accessible to and proactive in arranging meetings with owners, analysts and investors.