Annual General Meeting_55

Press release
3 minute read
The Annual General Meeting of Telenor ASA was held today, Tuesday 23 May 2006, at Fornebu. All proposals on the agenda were adopted, cf. notice of the Annual General Meeting that was sent to Oslo Stock Exchange on 4 May 2006.

The Annual General Meeting (AGM) of Telenor ASA has today approved the financial statements and annual report of Telenor ASA and the Group for 2005 and the Board's proposal of a dividend of NOK 2.00 per share. The dividend will be paid on 8 June 2006 to shareholders registered as holding shares on the date of the AGM. As of 24 May 2006, the Telenor share will be traded exclusive of dividend.

Capital reduction
The AGM has decided to implement a capital reduction of a total of NOK 157,774,338, partly by canceling 12,105,182 own shares and by redeeming 14,190,541 shares held by the Kingdom of Norway through the Ministry of Trade and Industry against payment of an amount of NOK 765,923,292 to The Kingdom of Norway through the Ministry of Trade and Industry. In connection with the capital reduction, the share premium reserve has been reduced by NOK 1,278,182,840.

Reduction of share premium reserve
In addition, the AGM has decided to reduce the share premium reserve by NOK 5,000,000,000 through a transfer of the same amount to other equity.

Purchase of own shares
The AGM has decided to give the Board an authorisation to purchase up to 165,000,000 own shares with a nominal value of a total of NOK 990,000,000, which corresponds to approximately ten per cent of the Group's share capital subsequent to the implementation of the capital reduction that was decided today. This authorisation is valid until the next AGM to be held in 2007, and will replace the authorisation given by the AGM on 20 May 2005.