It is NKTs policy at any time to have a capital structure and financial leverage, reflecting the Group's activities and risk profile and which also provides a sufficient margin. This will ensure NKT's creditworthiness, provide flexibility, safe place for investments or acquisitions while maintaining a stable dividend policy.
Authorization has been granted by the Annual General Meeting enabling, by resolution of the Board of Directors, the capital of the company to be increased by issue of shares to a maximum nominal amount of 300 mDKK in the period until 25 March 2015.
In addition, authorization has been granted by the Annual General Meeting enabling NKT to purchase a maximum of 10% of the company's shares for the purpose of adjusting the Group's capital structure should this be appropriate. This mandate is considered each year at the annual general meeting.
In the period up to 1 April 2013 mandate also exists from the annual general meeting to issue warrants, in one or several transactions, up to a nominal amount of 10 mDKK (500,000 shares) of 20 DKK each, to employees and the Board of Management of the NKT Group. No warrants were exercised in 2009. At the end of 2010 the framework of this authorization had been fully exercised. A proposal for a new authorization and framework will be made at the Annual General Meeting in 2011. Warrants granted in 2005 were exercised in 2010 by subscription for a total of 19,600 new shares. The weighted average subscription price for the warrants exercised was 191.2 DKK per share.
In the period up to 11 April 2012 mandate further exists from the annual general meeting to raise loans against bonds or debt instruments, in one or several transactions, with the lender having entitlement to convert his claim for a maximum nominal amount of 44 mDKK, to shares of 20 mDKK each (2.2 million new shares, which corresponds to just 10% of the share capital).
End 2010 NKT Holding had 0,3% own shares.
Financial Terms