The annual general meeting of Norsk Hydro ASA has approved the Board of Directors’ proposal to distribute a dividend of NOK 8.00 per share.
The dividend will be paid on Thursday 18 May 2000 to those shareholders listed in the company’s register of shareholders as at 16 April 2000. American Depositary Receipts (ADR) have been quoted ex dividend since Monday 24 April 2000.
The annual general meeting also adopted the income statement and balance sheet of Norsk Hydro ASA for 1999 and the consolidated income statement and balance sheet for 1999, as recommended by the Board of Directors. In addition, the meeting resolved that the net income be appropriated as recommended by the Board.
The annual general meeting authorized the Board to purchase, over the course of the 18-month period commencing 26 April 2000, the company’s own shares in the market for a total nominal value of up to NOK 100 million. This is the equivalent of 5 million shares, or approximately 1.8 percent of the share capital. Each share can be purchased at prices ranging between NOK 100 and NOK 500. The shares may be used as consideration in connection with commercial transactions or share schemes for the employees and employee representatives.
Each of the shareholder-chosen members of the corporate assembly were re-elected.