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Telenor's Annual General Meeting

Press release
Fornebu
2 minute read
Press Release
of Telenor ASA has today approved the financial statements and annual report of Telenor ASA and the Group for 2003 and the Board's proposal of a dividend of NOK 1.00 per share. The dividend will be paid on 25 May to shareholders registered as holding shares on the date of the AGM. As of 7 May 2004, the Telenor share will be traded exclusive of dividend.

Reduction of the share capital
The AGM has decided to reduce the share capitalby NOK 332,669,784, partly by cancelling 40,913,172 own shares and by redemption of 14,531,792 shares held by the Kingdom of Norwayagainst payment of an amount of NOK 695,432,133,05 to The Kingdom of Norway.

Increase of the share capital
The AGM has also given the Board authorisation to increase the share capital by a maximum of NOK 524,760,294 with the issue of up to 87,460,049 shares. The AGM has decided that such authorisation is valid until 1 July 2005, so as to include a number of shares corresponding to approximately five per cent of the Group's share capital subsequent to the capital reduction.

Acquisitionof own shares

The AGM has also given the Board authorisation to purchase 174,920,098 own shares with a nominal value of a total of NOK 1,049,520,588, 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 2005, and will replace the authorisation given by the AGM on 8 May 2003.