Download annual report 2011 here - Dantherm

INDEX INDEXSHAREHOLDER INFORMATIONthe Dantherm shareIn general, the share markets saw negativedevelopments in 2011 due, amongother things, to the unstable economy.In 2011, the highest and lowest price ofthe Dantherm share was DKK 21.9 andDKK 13.9, respectively. At the end of thefinancial year, the share price was DKK13.9 against DKK 18.0 in 2010. This correspondsto a fall of 23% relative to theend of 2010 compared with a 29% dropin the Small Cap Index. At the end of thefinancial year, the company's market valuewas DKK 100m compared to DKK 129m atthe end of 2010.Trading in the Dantherm shares amountedto DKK 16m in 2011 against DKK 46min 2010.Share capitalDantherm's share capital was DKK71,905,740 at the end of 2011. 7,190,574shares were listed with a nominal value ofDKK 10, each carrying one vote.Dividend policyDantherm's dividend policy is to allocateapprox. 30% of the consolidated net profitfor the year to the shareholders – withdue account being taken at all times ofthe group's expansion plans and financialand cash position. The company also aimsto maintain an equity interest of at least30%.At the general meeting in 2011, a decisionwas made to reduce the company'sshare capital to ensure that it is possibleto pay dividend to the shareholders in accordancewith the dividend policy goingforward.The Board of Directors proposes that nodividend be paid for 2011.Shareholder compositionAt the end of the financial year, Danthermhad approx. 3,800 registered shareholders,which corresponds to a fall of approx. 250shareholders during 2011. A total of 90%of the share capital in Dantherm was heldby registered shareholders at the end of2011.The following shareholders are includedin the company's register under Section55 of the Danish Companies Act(Selskabsloven). The stated ownershippercentages are those registered by thecompany as at 31 December 2011.- D. F. Holding, Skive A/S, Denmark - 18%- Hans R. Olsen, UK - 11%- Nils R. Olsen, Denmark - 11%- Treasury shares - 1%- Other shareholders - 59%Treasury sharesThe Board of Directors of the companyhas been authorised by the generalmeeting to let the company buy treasuryshares up to a total nominal value of 10%of the share capital. The considerationpaid must not deviate by more than 10%from the share price listed at the time ofthe purchase. This authorisation is validuntil the annual general meeting in 2016.The group held 80,526 treasury shares asat 31 December 2011, corresponding to1.1% of the share capital. The holding oftreasury shares is unchanged relative to31 December 2010.90%of Dantherm's shareholders are registeredshareholders and automaticallyreceive invitations to general meetings.WebsiteDantherm encourages investors andother interested parties to visit the company'swebsite www.dantherm.com.It is also possible to request electronicinformation about the company from thewebsite. This service is also available tointerested parties who are not shareholders.The present annual report is availableat www.dantherm.com, where furtherinformation about the group can also befound. All the company's registered shareholdersreceive a written invitation to thegeneral meeting.Internal regulations aboutinsider knowledge and tradingin the company's sharesIn accordance with the Danish SecuritiesTrading Act (Værdipapirhandelsloven),Dantherm maintains an insider registerlisting people who are considered tobe privy to insider knowledge of thecompany by virtue of their position. Thecompany has prepared a set of internalregulations for these people and theirrelated parties. The people covered bythe internal regulations are members ofthe Board of Directors and the ExecutiveBoard, and employees of Dantherm A/S.The regulations also apply to people outsideDantherm who work for or representthe company and to employees in anyDantherm subsidiary whose positionsare expected to entail access to insiderknowledge covered by the regulations.The people specified above are onlypermitted to buy and sell Danthermshares for a period of four weeks after thepublication of the company's annual andinterim financial reports. The Board ofDirectors considers at its meetingswhether there are any matters that wouldprevent members from buying or sellingDantherm shares in the prescribed period.Company announcements published areavailable on the company's website www.dantherm.com.Dantherm's share price vs Small CapInsider shareholdingsDantherm shares held by insiders andtheir related parties as at 31 December2011 are shown in the table to the right.D. F. Holding, Skive A/S is subject to thesame trading restrictions as the companyand its Board of Directors.Insider group Number of shares Market value (DKK '000)Board of Directors and841,607 15,149Executive BoardOther insiders 998,231 17,968Total 1,839,838 33,117DKK22.020.919.818.717.616.515.414.313.212.111.0Jan 2011DanthermSmall CapJuly 2011Dec 201122 Dantherm Annual Report 2011 Annual Report 2011 Dantherm 23