Block Watne Gruppen removes dividend constraint
(Oslo, 29 March 2006) Block Watne Gruppen ASA has opted to apply part of its liquid assets to repaying debt to Nordea, eliminating the need to obtain the bank's consent to pay dividend.
NOK 251 million of the loan will be repaid with effect from 31 March 2006, thereby reducing the company's long-term bank debt to NOK 499 million. This means that the covenant requiring the lender's agreement to the payment of a dividend and its size will be removed.
"Our goal is to pursue an attractive dividend policy," explains Lars Nilsen, president and CEO of Block Watne Gruppen. "We have accordingly sought to reduce this loan to a size which leaves our shareholders free to decide how to allocate the profit. That has now been accomplished."
Trading in the Block Watne Gruppen share began on the Oslo Stock Exchange on 17 March with the ticker code BWG.
Further information from:
Lars Nilsen, president and CEO, Block Watne Gruppen ASA, tel: +47 23 24 60 00
Ketil Kvalvik, chief financial officer, Block Watne Gruppen ASA, tel: +47 90 77 13 15