Annual Report 2010 - Scana Industrier ASA

programmes have been introduced for any membersof the board. Frameworks for option schemes andschemes for allocating shares to employees shall bedealt with and approved by the annual general meeting.A share option programme for senior employees wasapproved by the general meeting on April 28’th 2010.Scana’s objective is for the stock market to haveaccurate information on the group’s operations andposition at all times so as to promote the most accuratepricing possible. Communication with the financialmarket is to be achieved by publishing all new, crucialinformation via stock exchange announcements and inthe group’s annual reports and interim reports.The annual general meeting appoints an independentexternal auditor and sets his fee. Scana’s policy isto use the same auditors in all group companieswhere it is practical to do so, and where Scana candecide this. The external auditor shall confirm to theannual general meeting that the group and parentcompany’s annual accounts have been submitted inaccordance with current legislation and regulations.The auditor also attends board meetings that dealwith the annual accounts. Meetings may be arrangedbetween the board and auditor without the presenceof the general manager, or other representatives ofthe group management. In line with requirements forthe independence of the auditor, Scana will only usethe appointed external auditor for work other than thestatutory financial audit to a limited extent. Scana doesnot have its own internal auditing department, but usesresources from an external audit firm if the need for suchaudits arises.With regards to shares held by board members andsenior employees, reference is made to note 24 of thegroup accounts.Reporting calendarScana Industrier ASA publishes interim reports inNorwegian and English, as well as a comprehensiveannual report.The quarterly interim reports are crucial in relation to thecommunication with the market. The following dateshave been set for the company’s financial reporting in2011:1st quarter May 4’th 20112nd quarter August 17’th 20113rd quarter October 26’th 20114th quarter February 15’th 2012The company reserves the right to change these dates.The Scana shareStructureScana has one class of share, with each share carryingone vote and a nominal value of NOK 1.25. The Scanashare is listed on the Oslo Stock Exchange (ticker codeSCI).The number of outstanding shares as at 31. December2010 was 167 693 750. During the year 360 000new shares was issued in a share capital increase inconnection with the company’s share option program.Authorisation to issue new shares for this purpose givenby the AGM in 2010 was used by the board to implementthe share capital increase. At the end of the year, thecompany’s own stock of shares were 113 010.Performance in 2010At the end of 2010, Scana’s share price was NOK 7.06,which corresponds to a market capitalisation of NOK 1,2billion. The share price at the start of the year was NOK7.83. The number of shares traded on the Oslo StockExchange during the year was 18,2 million, equal to aturnover of 10,9 per cent. Scana has a Market Makeragreement with Oslo Børs to increase the liquidity of itsshares and ensure listing on the Oslo Børs Match list.Annual general meetingThe ordinary annual general meeting of Scana IndustrierASA will be held at Radisson SAS Atlantic Hotel, Olav V’sgt, Stavanger, on Wednesday May 4’th at 5.30 pm.Shareholders who wish to attend the meeting arerequested to notify the company of their intention to doso by May 3’rd 2011. Shareholders may be representedby proxy, subject to written authorisation.DividendThe board of directors proposes that no dividend isdistributed to the shareholders for 2010.Scana on the InternetInformation on the company is also available on thecompany’s website at www.scana.no.Change of addressShareholders registered with the Norwegian CentralSecurities Depository (VPS) must notify any change ofaddress to their registrar and not directly to the company.95Annual Report 2010 Scana Industrier ASA