HNA - HNB: ANNUAL MEETING 5 MAY 2003

Hafslund ASA held an annual meeting Monday 5 May 2003 on the company's premises in Sommerrogt. 1.

109,095,632 A shares were represented (94.48%) carrying voting rights and 59,290,572 were B shares (74.34%).

Hafslund ASA's annual accounts were presented and unanimously approved by the general meeting. The general meeting resolved that no dividend would be paid for 2002.

Upon proposition by the board of directors, the general meeting resolved to prolong the authority given the board of directors on the Annual Meeting on 14 May 2002 to acquire own B shares. The maximum nominal value of shares, which may be acquired in accordance with such authority, is NOK 19,522,344, corresponding to 10% of the company's share capital.

It follows from Section 6-1 second paragraph of the Public Limited Companies Act that a board of directors will always elect its chairperson if it has been agreed that the company is not to have a corporate assembly, see Section 6-35, second paragraph. The final sentence of Article 8 of the current Articles of Association of the Company was deleted.

Upon proposition by the City of Oslo, the general meeting decided that the Board is instructed to implement the necessary measures in order to ensure that the management does not carry out any of the following initiatives without having obtained prior clearance from the Board:
 
  • Any decision concerning strategic investments exceeding a value of NOK 5 million.
  • Employment of proxies from the Board issued after 1 January 2003.
 
This instruction is to apply until the following dates, whichever occurs first: 1) 1 September 2003 and 2) The date of presentation of the compulsory offer for take-over of the total number of shares in the company, in pursuance with Chapter 4 of the Securities Trading Act (Norway).
 
The general meeting decided, in accordance with the proposition from the City of Oslo, that the new board, should consist of 6 shareholder elected members;
Ellen Christine Christiansen, Stig Grimsgaard Andersen and Jarle Sandvik (until AM 2005) Christian Brinch, Solveig Ekeberg and Odd Øygarden (until AM 2004), this with 67,620,184 against 41,205,622 votes.

The general meeting re-elected Borger A. Lenth as the chairman of the election committee. Christen Furuholmen (re-elected), Kjell Viland (re-elected) and Taipo Kuula (new) were elected as members of the election committee.

Oslo, 5 May 2003
 
For further information, please contact:
SVP PR Frode Geitvik, tel. +47 22 43 53 86

Contacts

  • Hafslund

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