PDF Document 2.46 MB - Geveko

Shares and ShareholdersLarge transfer of capital to shareholders andcapital restructuring into operating enterpriseIn 2007 a decision was made tochange the strategic direction fromthat of investment trust to an operatingindustrial enterprise. In consequence,Geveko’s shares will bevalued more on the basis of thebusiness’s ability to earn a profitthan on changes in its net worth.Geveko’s aim is for its shares to berecognised as an attractive alternativeinvestment for private investors andsmall institutional investors.ListingGeveko’s Series “B” shares were firstlisted on Stockholmsbörsen’s “A” listin 1983. In 2000, they were movedup to the “O” list instead. Geveko’sshares are since October 2006 listedon the Small Cap list on the Stock -holm Stock Ex change. The code forGeveko’s Series “B” shares is GVKO“B”. A trading block consists of 100shares.Share structureSince 1993 the number of shares inissue has been 4,219,533, of which720,000 are Series “A” shares and3,499,533 are Series “B” shares. EachSeries “A” share carried one vote andeach “B” share 1/10th of a vote.ShareholdersThe number of shareholders on31 December 2007 was 3,328 (3,452),according to VPC’s list of shareholders.Institutional shareholdersincreased during the year from 50%to 54% of the capital and from 59%to 62% of the votes. Shareholdersregistered abroad accounted for 27%of the capital and 11% of the votes,which is broadly unchanged fromthe previous year.“A” shareholder consortiumA consortium agreement has beenreached by owners of Series “A”shares who together control morethan 50% of the votes.Share price and turnoverThe price of Geveko’s shares on31 December 2007 was SKr 125.50(218). During the year the highestlisted transaction price was SKr 323and the lowest was SKr 114. Duringthe year shares were traded for SKr312 (224) million, with an averagedaily turnover of SKr 1.2 (0.9) million.The turnover rate was 30% andtransactions were completed on 99%of all trading days.Total returnThe return on Geveko’s Series “B”shares, including dividend andredemption of shares, was neg. 3.0%,which may be compared with thereturn on the SIX Return Index ofneg. 3.6%. During the five-year period2003-2007, Geveko’s average totalreturn was 25.6% per year. The correspondingfigure for the SIX ReturnIndex was 22.6%.Dividend policyGeveko’s dividend policy has beenadapted to the company’s change ofdirection from investment trust tooperating company with effect from2008. The new dividend policymeans that some 50% of the profitafter tax will be paid out by way ofordinary dividend.The previous dividend policymeant that 4% of the net worthshould be paid out by way of dividendeach year. This policy applies to thedividend in respect of the 2007financial year.DividendA dividend of SKr 11 was paid out inApril 2007 for the 2006 financialyear. For the 2007 financial year theBoard proposes that the AGMresolves in favour of paying a dividendof SKr 6 per share. This dividendcorresponds to a direct yield of 4.8%,based on Geveko’s closing shareprice on 31 December 2007.Redemption programmeThe 2007 Annual General Meetingdecided in favour of an automaticshare redemption scheme wherebyeach share was split into two shares(2:1 split), one of which was thenredeemed for a cash payment of SKr75.Shareholder informationGeveko’s aim is to regularly providedetailed and timely information forshareholders and the stock marketon the company’s progress andfinancial position. The provision ofexternal information consists ofregu lar reports, viz. year-end communiqués,annual report, interimreports and AGM decisions. Geveko’sreports and press releases are dis -tribu ted via Huginonline, a specialistdistributor, and are accessible onGeveko’s website, www.geveko.se atthe time of publication. It is possible,on Geveko’s and Huginonline’s websites,for shareholders and otherstakeholders to subscribe to informationvia email.All the reports are published inSwedish and English and printedversions are distributed to all registeredshareholders who have notspecifically requested not to receivesuch information. The reports canalso be ordered by post from:AB Geveko, Box 2137, SE-403 13Göteborg, Sweden, telephone:+46 31172945, fax: +46 317118866and email: info@geveko.seContacts with the capital marketGeveko made presentations duringthe year at the Swedish Society ofFinancial Analysts meetings as wellas at a number of events organisedby local shareholders’ associations.Analyses of GevekoIn 2007 independent equity analystsRedeye and its equity analyst HenrikAlveskog followed Geveko’s performance.6