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Nokia Annual General Meeting: dividend FIM 10
March 30, 1995
At Nokia Corporation's Annual General Meeting held on Thursday, 30 March 1995, the Board of Directors' proposal to pay a dividend of FIM 10.00 per share for 1994 was accepted.
The dividend increased FIM 7.20 compared with the previous year. The AGM approved Nokia Group financial statements and discharged from liability those persons accountable.
The record date for the dividend is 5 April 1995. In accordance with the book entry system, the dividend will be paid upon expiry of the settlement period on 10 April 1995.
The Nokia Group's net sales for 1994 totalled FIM 30.2 billion, representing growth of 38% when allowing for changes in currency exchange rates and in the structure of the Group. Net sales in 1993 amounted to FIM 23.7 billion. The Group's profit before taxes, minority interests and extraordinary items (IAS) totalled FIM 4002 million, compared to FIM 1146 million the previous year.
The AGM approved the Board's proposals to effect a four-for-one stock split by changing the par values of shares, to rename the shares, and provide for an offering of bonds with warrants to Group management members and other key people.
The AGM resolved that the Nokia preferred share be named an A-share and the common share be named a K-share.
In accordance with the AGM resolution, the par value of Nokia shares shall be divided by four, i.e. from FIM 20 to FIM 5. On the New York Stock Exchange, Nokia's A-share is quoted in the form of ADS (American Depositary Share). The value of one ADS has been half the value of one A-share. As a consequence of the AGM resolution, the value of the ADS will be split, after which, one ADS will be equivalent to one A-share.
The number of shares will quadruple. The change in the par value of shares existing in the book entry system does not require action on the part of shareholders. The shareholders' register will automatically be amended. Trading of Nokia shares on the basis of the new par values will commence 24 April 1995 on those stock exchanges where Nokia shares are listed.
The AGM approved the offering of bonds with warrants to the Group and its units' management and other key people. A maximum FIM 1.45 million bonds with warrants will be offered for their subscription. The bonds are part of the incentive plan for Nokia's key people.
Furthermore, the AGM decided to establish Nokia Corporation Foundation. The Foundation's initial capital is FIM 10 million, and its mission is to support the scientific development of information and datatelecommunications technology as well as to promote education in these industry areas in Finland.
The AGM re-elected Ms Pirkko Alitalo to the Nokia Board of Directors, and elected Mr Jorma Ollila as a new member of the Board. Additionally, the Nokia Board of Directors includes Professor Edward Andersson, Mr Casimir Ehrnrooth, Mr Ahti Hirvonen, Mr Jouko Leskinen, Mr Yrjö Niskanen and Mr Vesa Vainio.
The AGM nominated Mr Eric Haglund, Authorised Public Accountant, as auditor and KPMG Wideri Oy Ab, Authorised Public Accountants, as his deputy, as well as Mr Lars Blomquist, Authorised Public Accountant, as auditor and Coopers & Lybrand Oy, Authorised Public Accountants, as his deputy.
At the meeting held after the AGM, the Board of Directors re-elected Casimir Ehrnrooth as Chairman and Yrjö Niskanen as Vice Chairman.
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