The Annual General Meeting of Orkla ASA was held on Thursday, 7 May at 3 p.m. in Sarpsborg. All the items on the agenda were adopted unanimously.
The Board of Directors` proposal that the nominal value of the share be divided into four parts was adopted. Orkla`s share capital of NOK 1,233,334,825 will therefore be divided into 197,333,572 shares with a nominal value of NOK 6.25 each fully paid-up, of which 157,955,844 are A-shares which carry a voting right and 39,377,728 are B-shares which do not carry a voting right. The change will be effective from 15 May 1998.
The amendment to the Articles of Association whereby notice of the Annual General Meeting must be given two weeks in advance was also adopted.
The General Meeting has authorised the Board of Directors to acquire A-shares and B-shares in Orkla ASA to a nominal value of up to NOK 90,625,000. The minimum and maximum amounts that may be paid per share are NOK 20 and NOK 500 respectively. The Board of Directors has a free hand regarding the methods of acquisition and sale of the company`s own shares. The authorisation applies from the time the Norwegian Act relating to public limited companies enters into force until 7 November 1999.
The following 14 members of the Corporate Assembly elected by shareholders were re-elected:
Øystein Eskeland Svein Erik Amundsen
Ebbe C. Astrup Westye Egeberg
Svein R. Hagen Synnøve Liaaen Jensen
Leif Kjær Borger A. Lenth
Tore Lindholt Leiv L. Nergaard
Cathrine Mellbye Schultz Halvor Svenkerud
Halgrim Thon Hans Herman Horn
The following six deputy members of the Corporate Assembly elected by shareholders were re-elected:
Elisabeth Wille Fabian Stang
Anders Ringnes Egil Alnæs jr.
Mari Pran Olaug Svarva
Orkla employees will elect their representatives to the Corporate Assembly in May 1998.
Tore Lindholt and Svein R. Hagen were re-elected as members of the Election Committee.
Lisbeth Lindberg, Director of Information and Investor Relations
Tel: +47 22 54 44 23/22 54 40 00
Astrid Løken Øyehaug, Investor Relations
Tel: +47 22 54 44 25