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REC Annual Report 2011
32
Shareholder matters
TheRECshare is listedon theOsloStockExchangeunder theticker codeREC.
Thecompanyhasheldmorethan200 investormeetingsanda largenumber
ofpresentationsduring2011 inNorwayaswell as internationally.
At year-end, REC’s totalmarket capitalizationwasNOK3,311million. Around
25analystsare regularlypublishing researchon thecompany.
Key data per share
2011
2010
Market capitalization at year-end (NOK million)
3 311
17 739
Number of shares traded (million)
3 877
3 755
Number of shares at year-end (million)
997.2
997.2
Market price at year-end (NOK)
3.32
17.79
Highest market price during the year (NOK)
22.05
37.27
Lowest market price during the year (NOK)
3.00
14.64
SHAREHOLDER/IR POLICY
REC has implemented a corporate governance and shareholder policy
approved by REC’s Board of Directors to ensure the provision of
accurate, relevant and timely information to the capital market.
Investors and capital market participants shall be provided consistent,
timely and precise information simultaneously. As REC is an international
enterprise, with investors across the globe, all news and press releases
are and will be published in English only.
REC shall make quarterly earnings presentations available as webcasts
in real time.
SHARE DATA
Share price development in 2011
REC NOK
OSEBX NOK
NEX USD
INDEXED,
. .
Jan Feb Mar Apr May Jun Jul
Aug Sep Oct Nov Dec
The share price decreased throughout 2011, bringing the total market
capitalization fromNOK 17,739million at the beginning of the year, to
NOK 3,311million at the end of the year.
The share price development during 2011 can be seen below as well as
the performance of the Oslo Stock Exchange (OBX) and the NEX
renewable index.
SHAREHOLDERS
As per December 31, 2011, the RECGroup had about 29,000
shareholders, and the total number of outstanding shares at the end of the
year was approximately 997million, eachwith a nominal value of NOK 1.
Share distribution andmain shareholders are described in separate tables.
Identification of shareholders registered on nominee accounts is carried
through every quarter, the latest as per December 21, 2011. The latest
analysis shows that Blackrock, Peoples Bank of China, Nordea Asset
Management and Storebrand Investments would also be represented on
the list of top 20 shareholders.
GEOGRAPHICAL DISTRIBUTION
Nearly 40 percent of the outstanding shares in REC are held by Orkla ASA
and the remaining shares are held by shareholders all across theworld. The
geographical split below is based on the identification of shareholders
registered on nominee accounts as per December 21, 2011.
COUNTRY
SHARES %TOTAL SHARES
1 Norway
826 467 841
82.88%
2 United Kingdom
49 857 494
5.00%
3 Sweden
36 404 671
3.65%
4 United States
23 316 041
2.34%
5 Denmark
16 568 378
1.66%
Total 5 largest
952 614 425
95.53%
Other markets
44 537 693
4.47%
Total number of shares
997 152 118
100.00%
SHARE LIQUIDITY
High turnover in the REC share is important for REC’s investors as this
will reduce the cost of capital, and further attract investors.
In 2011, nearly 1.2million trades were executed and the total trading
value was NOK 47.1 billion. About 3.9million shares were traded in the
year, this represents a turnover velocity of 389 percent, calculated as
the total number of shares traded in the period as a percentage of the
average total registered number of shares.
During 2011 REC was the tenth most traded share on the Oslo Stock
Exchange, measured in turnover by value. Measured by numbers of
transactions, REC was the sixth most traded company on the Oslo Stock
Exchange in 2011.
SHAREHOLDER MATTERS