PDF Document 2.46 MB - Geveko

Report of the directorsOperations rather than its Manage -ment of Securities. The first step inthis process, which was taken in thespring of 2007, involved a review ofthe capital structure as a result ofwhich a transfer of SKr 316 millionwas made to shareholders, over andabove the ordinary dividend of SKr46 million. A large part of theEquities Portfolio was sold in 2007. Itwas then considered that the criteriafor investment trust status were nolonger satisfied. The tax authority hasnotified Geveko that the companyceased to have investment truststatus with effect from 30 November2007. No tax liability is expected toarise as a result of the change in taxstatus.ShareholdersGeveko’s Series “B” shares obtaineda listing on the Stockholm StockExchange “A” list in 1983, and theyhave been listed on the “O” list since2000. Geveko’s share have been listedon the Small Cap List on the Stock -holm Stock Exchange Nordic Listsince October 2006. On 31 December2007 the company had 3,328 shareholders(3,452). The principal shareholdersare the Gunnar & MärthaBergendahl Foundation, with 31.9%of the votes and 8.1% of the capital,and the Bergendala Foundation, with15.1% of the votes and 8.5% of thecapital.Swedish Code ofCorporate GovernanceWith effect from 1 July 2005, theStockholm Stock Exchange introduceda rule requiring all Swedishcompanies with a market capitali -sation of more than SKr 3 billionto apply the Code of CorporateGovernance. Companies not coveredby the requirement could decide tocomply with the Code on a voluntarybasis.Geveko’s Board decided thatGeveko would not voluntarilyaffiliate to the Code. On the otherhand, Geveko, when it turns out tobe suitable, would harmonise itsactivities with sections of the Code.In order to comply with the Codechanges were made to procedures intwo areas: “Integrity and EthicalValues” and “Selection of controlactivities and control activities linkedto risk analysis”.The scope of the Swedish Codeof Corporate Governance will bebroadened with effect from 1 July2008, as a result of which the Codewill apply to all listed companies.SharesThe total number of shares in issuehas been 4,219,533, of which 720,000are Series “A” shares and 3,499,533are Series “B”, since 1993. Each “A”share carries one vote and each “B”share 1/10th of a vote. The highestprice noted by the shares in 2007was 323 kronor per share, and thelowest price was 114 kronor pershare. The price on 31 December2007 was 125.50 kronor. A dividendof SKr 11 per share was paid in 2007.Over and above this a share redemptionscheme was carried out, whichcorresponded to SKr 75 per share.51