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Annual General Meeting_61

Press release
Fornebu
3 minute read
Press Release
The Annual General Meeting of Telenor ASA was held today, Friday 20 May 2005, at Fornebu. All proposals on the agenda were adopted, cf. notice of the Annual General Meeting that was sent to Oslo Stock Exchange on 27 April 2005.


The Annual General Meeting (AGM) of Telenor ASA has today approved the financial statements and annual report of Telenor ASA and the Group for 2004 and the Board's proposal of a dividend of NOK 1.50 per share. The dividend will be paid on 6 June 2005 to shareholders registered as holding shares on the date of the AGM. As of 23 May 2005, 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 263,186,550, partly by canceling 20,191,700 own shares and by redeeming 23,672,725 shares held by the Kingdom of Norway through the Ministry of Trade and Industry against payment of an amount of NOK 1,184,955,459 to The Kingdom of Norway through the Ministry of Trade and Industry.

Purchase of own shares
The AGM has also renewed the Board's authorisation to purchase up to 170,500,000 own shares with a nominal value of a total of NOK 1,023,000,000, 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 1 July 2006, and will replace the authorisation given by the AGM on 6 May 2004.

Election of shareholder representatives and deputy shareholder representatives to the Corporate Assembly
The AGM has, in line with the proposal of the nominating committee, elected the following members and deputies to the Corporate Assembly of Telenor ASA:

  1. Jan-Erik Korssjøen
  2. Randi Braathe
  3. Jostein Devold
  4. Rune Selmar
  5. Hans Olav Karde
  6. Nils-Edvard Olsen
  7. Signe Marie Jore Ritterberg
  8. Stener Lium
  9. Hanne Harlem
  10. Marianne Lie
  11. Inger-Grethe Solstad, first deputy
  12. Siri Pettersen Strandenæs, second deputy
  13. Ingvild Nybø Holth, third deputy


The AGM has also re-elected Reier Søberg and Erik Must as two of the four members of Telenor's nominating committee. In addition, the Annual General Meeting has approved the amended remuneration to the members of the Corporate Assembly.

Contact:

Head of Information Scott Engebrigtsen
Tel: +47 90 04 34 84