Equity and dividends
The Company has reported negative equity since 31st December 2008. On October 31st 2011, the extraordinary general meeting of the Company resolved to carry out a right issue of NOK 15 million by issuing 1 875 000 new shares with a nominal value of NOK 3 each at a subscription price per share of NOK 8. The share issue, which was carried out in December 2011, was registered January 3rd 2012 with the Norwegian Register of Business Enterprises.
The Board of Directors has assessed the working capital and investment capital needed to meet future growth as more important than paying dividends. Furthermore, as part of the covenants in the Bond Loan, the Company cannot pay dividends until the loan is repaid in full. However, a policy of not paying dividends has not been adopted by the Board.
No dividends have been paid to the Company’s shareholders for the period 2004 - 2010.