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Veidekke’s shareholders numbered 7 208 at the end of 2009. Veidekke’s largest shareholders were OBOS (28.0 percent), IF Skadeförsäkring AB (8.7 percent) and Folketrygdfondet (7.3 percent). Foreign investor holdings increased by 2.4 percent to 23.1 percent of the shares.
Trading of Veidekke shares on the Oslo Stock Exchange in 2009 was good with 62.2 million shares traded (46.1 percent turnover rate) and 21 124 trades of shares in the course of the year. The share price varied between NOK 23.0 at the lowest and NOK 53.5 at the highest. Return including dividend was 142.8 percent. In comparison, Oslo Stock Exchange Benchmark Index rose 64.8 percent.
Share issues to employees
Another issue of shares to employees was affected in 2009, in line with Veidekke’s strategy to strengthen ties with its employees through shares in the company. In May, 367 persons took advantage of this offer, which was then presented to key personnel, purchasing shares at a price of NOK 22.80 and NOK 19.95. These prices corresponded to a discoun-ted market price during the subscription period of 20 percent and 30 percent, respectively. The share purchases are subject to a lock-in period of three years. In November, all permanent employees were invited to purchase between 50 and 2 000 shares at a price NOK 38.10, corresponding to a 20 percent discount on the average share price during the subscription period. These shares were subject to a two-year lock-in period. There was great interest in the offer, and a total of 1 793 employees bought shares.
At the end of the year, a total of 3 300 employees held 25.8 million shares, or 19.3 percent of the shares in the company. 57.9 percent of Veidekke’s permanent employees own shares in the company, which shows that our employees believe in the future development of the company and in Veidekke shares.
Share buyback
At the Annual General Meeting on 7 May 2009, the Board’s authority to buy back Veidekke’s own shares equivalent to just under 10 percent of the share capital, was renewed. No shares were bought back in 2009 however. Share buybacks will be continuously considered as a step in the process of ensuring an optimal financial structure for the Group.