The Annual General Meeting also approved a capital reduction by means of the cancellation of shares and the redemption of shares belonging to the Norwegian state, with the following resolution:
The share capital of the company will be reduced by NOK 8,615,718.32 from NOK 1,370,256,730 to NOK 1,361,641,011.68 by means of the cancellation of 4,408,000 shares and the redemption of 3,438,738 shares belonging to the Norwegian state as represented by the Ministry of Trade and Industry in exchange for payment of NOK 124,306,199 to the Norwegian state as represented by the Ministry of Trade and Industry. This amount is equivalent to the average share price for the buy-back of market shares with the addition of interest compensation. The portion of the sum paid out that exceeds the nominal amount of the shares will be covered by a transfer from the share premium account and retained earnings, and the share surplus account will thereby be reduced by NOK 181,634,575.
With effect from the implementation of the capital reduction by registration in the Register of Business Enterprises, Article 4 of the Company’s Articles of Association will be amended to
read as follows:
The share capital amounts to NOK 1,361,641,011.68 represented by 1,240,110,211 shares with a nominal value of NOK 1.098. The shares shall be registered in the Norwegian Central Securities Depository. The Board of Directors can refuse transfer and take other necessary steps to prevent the transfer of shares being effected in contravention of the restrictions stipulated by Norwegian law.
Following the implementation of the capital reduction the Norwegian States ownership interest in Hydro will remain unchanged at 43.82%.
Contact Tone Dahle
Telephone +47 22532548
Cellular +47 95168459
Contact Stian Hasle
Telephone +47 22532520
Cellular +47 97736022
Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have been correct. Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.