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Unformatted text preview: er, the Kingdom of Norway, represented through the Ministry of Trade and Industry. The agreement implied that the Kingdom of Norway was committed, through the Ministry of Trade and Industry’s participation and voting in Telenor’s general meeting, to contribute to the cancellation of a proportionate number of its shares so that the Kingdom of Norway’s ownership interest in Telenor would remain unaffected if Telenor repurchased shares for the purpose of cancellation. The agreement was valid until the AGM in 2011. Following AGM approval in May 2011, Telenor’s share capital was reduced by NOK 298,171,398 by cancellation of the 22,877,098 shares repurchased under the authorisation from AGM in May 2010 and redemption of 26,818,135 shares owned by the Kingdom of Norway against payment of an amount of approximately NOK 2.5 billion to the Kingdom of Norway. In addition, at the AGM in May 2010 authority was given to acquire up to 3,000,000 own shares, corresponding to 0.18% of the company’s share capital for use in connection with fulfilment of Telenor’s option programmes for 2006, the LTI programme for senior management and the general share programme for employees. As of 31 December 2010 1,899,963 shares were acquired under this authorisation, which was valid until AGM in May 2011. At the AGM in May 2011, authority was given to the Board of Directors to acquire up to 83,000,000 own shares, corresponding to approximately 5% of the share capital for the purpose of cancellation. The authorisation is valid until the AGM in May 2012. In connection with this authorisation Telenor entered into a new agreement with the Kingdom of Norway regarding redemption of shares, similar to the agreement entered into in 2010. From the AGM in May 2011 up to year-end 2011 Telenor purchased 22,209,858 shares for the purpose of cancellation. The shares, corresponding to approximately 1.4% of the company’s share capital, were acquired in the open market at average price NOK 90.98 or approximately NOK 2.0 billion in total. Based on the number of treasury shares held for cancellation at year-end 2011, 26,035,949 of the Ministry of Trade and Industry’s Telenor shares will be redeemed through a share capital reduction, corresponding to approximately 1.6% of the company’s share capital, for a total consideration of approximately NOK 2.4 billion plus interest. Further, at the AGM in May 2011, authority was also given to the Board of Directors to acquire up to 1,000,000 own shares, corresponding to 0.06% of the company’s share capital for the purpose of fulfilment of option programmes for 2006, the LTI programme for senior management and the general share programme for employees. As of 31 December 2011 no shares had been purchased under this authorisation, which is valid until the AGM in May 2012. As of 31 December 2011, Telenor ASA had 45,800 registered shareholders, compared with 49,750 as of 31 December 2010. Changes in treasury shares Balance 1 January Purchase of treasury shares Treasury shares used in option and lTi programmes Cancellation of treasury shares Balance 31 December 2011 26 117 284 49 027 993 (1 495 263) (49 695 233) 23 954 781 2010 1 859 890 22 877 098 1 380 296 26 117 284 /page 84/ telenor annual report 2011 notes to the financial statements / telenor group The 20 largest shareholders as 31 december 2011 from the shareholder register 1) Name of shareholders 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Ministry of Trade and industry, Kingdom of Norway Folketrygdfondet state street bank and Trust Co (nominee) Clearstream banking sA (nominee) bank of New york Mellon (nominee) state street bank & Trust Co (nominee) Telenor Treasury shares JPMorgan Chase bank (nominee) state street bank and Trust Co (nominee) Euroclear bank sA/NV (nominee) JPMorgan Chase bank (nominee) JPMorgan Chase bank (nominee) JPMorgan Chase bank (nominee) state street bank and Trust Co (nominee) The Northern Trust Co (nominee) RbC dexia investor services Trust (nominee) bank of New york Mellon (nominee) state street bank & Trust Co (nominee) ubs (nominee) skandinaviska Enskilda banken (nominee) Total held by 20 largest shareholders Total all Telenor shares Number of shares % 867 865 005 77 089 737 36 092 587 26 622 757 25 695 629 24 883 007 23 954 781 21 747 554 19 273 255 17 731 649 13 598 000 13 362 620 10 915 236 10 489 591 10 134 464 9 702 792 9 202 526 8 241 497 7 950 420 6 509 048 1 241 062 155 1 608 193 613 53.97 4.79 2.24 1.66 1.60 1.55 1.49 1.35 1.20 1.10 0.85 0.83 0.68 0.65 0.63 0.60 0.57 0.51 0.49 0.40 77.17 100.00 The 20 largest shareholders as 31 december 2011, beneficial ownership 2) Name of shareholders 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Ministry of Trade and industry, Kingdom of Norway Folketrygdfondet Franklin Resources Fidelity ubs Telenor Treasury shares blackRock dNb state street Corporation sAFE investment Company Wellington Management Company Manning & Napier legal & General investment Management storebrand Kapitalforvaltning KlP Nordea schroders APG Asset Management bank delen – Custodian standard life investments Total held by 20 largest shareholders Total all Telenor shares 1) 2) Number of shares 867 865 005 77 089 737 63 034 763 37 615 603 28 611 020 23 954 781 21 162 124 19 485 901 19 225 002 18 911 592 17 367 807 15 039 510 11 890 647 11 425 060 9 702 845 8 652 553 8 005 930 7 786 265 7 379 497 7 211 569 1 281 417 211 1 608 193 613 % 53.97 4.79 3.92 2.34 1.78...
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This document was uploaded on 03/21/2014.

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