MTG’s shares are listed on Nasdaq OMX Stockholm’s Large Cap list under the symbols ‘MTGA’ and MTGB’. MTG’s market capitalisation, as at the close of the trading on Nasdaq OMX Stockholm on the last business day of 2010, was SEK 29.5 billion.
Shareholders The number of shareholders according to the share register held by Euroclear Sweden AB (Swedish Securities Centre) was approximately 20,900 at the end of 2010. The shares held by the ten largest shareholders corresponded to approximately 43 % (47)% of the share capital and 59% (61)% of the voting rights. Swedish institutions and mutual funds own approximately 43% (50)% of the share capital, international investors own approximately 42% (33)% and Swedish private investors own approximately 16 % (18)%.
| Name |
Total |
Class A Shares |
Class B Shares |
Capital |
Votes |
| Investment AB Kinnevik |
13,503,856 |
5,199,491 |
8,304,365 |
20.30% |
47.80% |
| Lannebo Funds |
2,697,194 |
0 |
2,697,194 |
4.00% |
2.10% |
| Capital Group Funds |
2,123,000 |
0 |
2,123,000 |
3.20% |
1.70% |
| Fidelity Funds |
1,818,065 |
0 |
1,818,065 |
2.70% |
1.40% |
| SEB Funds |
1,636,946 |
0 |
1,636,946 |
2.50% |
1.30% |
| Swedbank Robur Fund |
1,565,908 |
0 |
1,565,908 |
2.40% |
1.20% |
| AMF Pension Funds |
1,424,239 |
0 |
1,424,239 |
2.10% |
1.10% |
| Nordea Funds |
1,389,638 |
0 |
1,389,638 |
2.10% |
1.10% |
| SHB Funds |
1,104,877 |
0 |
1,104,877 |
1.70% |
0.90% |
| Government of Norway |
971,970 |
0 |
971,970 |
1.50% |
0.80% |
| Second AP Fund |
685,912 |
0 |
685,912 |
1.00% |
0.50% |
| Enter Funds |
633,200 |
0 |
633,200 |
1.00% |
0.50% |
| First AP Fund |
558,950 |
0 |
558,950 |
0.80% |
0.40% |
| Third AP Fund |
510,975 |
0 |
510,975 |
0.80% |
0.40% |
| Others |
35,717,394 |
1,437,322 |
34,280,072 |
53.80% |
38.60% |
| Total outstanding shares |
66,342,124 |
6,636,813 |
59,705,311 |
100.00% |
100.00% |
| Class C shares held by MTG |
1,065,000 |
|
|
|
|
| Total shares issued |
67,407,124 |
|
|
|
|
Source Euroclear AB
| Share distribution |
Number of shareholders |
% |
Number of shares |
% |
| 1 – 1,000 |
19,210 |
92,0 |
3,557,923 |
5.4 |
| 1,001 – 5,000 |
1,129 |
5.4 |
2,457,276 |
3.7 |
| 5,001 – 10,000 |
158 |
0.8 |
1,117,556 |
1.7 |
| 10,001 – 50,000 |
203 |
1 |
4,966,901 |
7.5 |
| 50,001 – 100,000 |
63 |
0.3 |
4,537,758 |
6.8 |
| 100,001 – 15,000,000 |
113 |
0.5 |
49,704,700 |
74.9 |
| Total 31 December 2010 |
20,876 |
100 |
66,342,124 |
100 |
Share capital and votes As at 31 December 2010, the total number of issued shares amounted to 67,407,124, of which 6,636,813 were Class A shares, 59,705,311 were Class B shares, and 1,065,000 were Class C shares. The Class C shares are held by MTG. Each Class A share is entitled to ten voting rights. Each Class B and each C share is entitled to one voting right. The Class C shares are not entitled to dividend payments. The Class C shares were issued and repurchased in 2008, 2009 and 2010 as part of the MTG performance based incentive plan approved by the Annual General Meeting in 2008, 2009 and 2010. The total number of voting rights are 127,138,441 (138,123,124) as per 31 December 2010.
The Group’s share capital amounted to SEK 337 million at the end of the year. For changes in the share capital between 2009 and 2010, please see the report entitled Consolidated statement of changes in equity.
Dividends The parent company paid an ordinary dividend of SEK 5.50 per share to shareholders in 2010, amounting to a total payment of SEK 363 (329) million. The shares in CDON Group were distributed in December 2010 at a market value of SEK 2 billion.
Share buy-back A total of 1,517,000 Class B shares were repurchased during 2008 and 2007 and cancelled in 2008. The 2009 and 2010 Annual General Meetings approved a mandate to authorise the Board of Directors to buy back MTG Class A and Class B shares up until the 2010 and 2011 Annual General Meeting. The Group’s shareholding in its own stock may not exceed 10% of the total number of issued shares. No Class A shares or Class B shares were bought back during 2009 and 2010. 480,000 Class C shares were issued and repurchased in 2008, 370,000 Class C shares in 2009, and 215,000 in 2010. The quota value is SEK 5.00, and the total consideration was SEK 2 million in 2009 and 2008 respectively, and SEK 1 million in 2010. The share of total share capital represented 0.6%, 0.7% and 0.3% for the respective years. The Class C shares are redeemable and, upon the decision of the Board of Directors, may be reclassified into Class B shares. The Class C shares will be held by the Company as treasury shares during the vesting period for the 2010, 2009 and 2008 long term incentive plans. The purpose of the Class C shares is to hedge the social security costs related to the scheme by selling the reclassified shares on Nasdaq OMX Stockholm. The proposal to sell shares for this purpose will be put before the Annual General Meetings in 2011 and 2012 respectively.
Reclassifications In accordance with the Articles of Association, and the Extra General Meeting in 2009, the Board of Directors approved the reclassification of a total of 150,242 MTG Class A shares into MTG Class B shares in 2008, of 7,160,725 Class A shares into Class B shares in 2009, and 1,293,888 in 2010. The 2008 Annual General Meeting also decided upon a reduction of the company’s equity reserves by SEK 523 million from SEK 523 million. The Swedish Company Registration Office registered the decision and granted the leave in August 2008.
Share-based long-term incentive plans If all options granted to senior executives and key employees as at 31 December 2010 were exercised, the issued share capital of the Company would increase by 817,785 Class B shares, and be equivalent to a dilution of 1.2% of the issued capital and 0.7% of the related voting rights as at the end of 2010.
The remaining 28,890 options granted under the 2007 programme have an exercise price of SEK 432.50 for the stock options and the warrants, and are exercisable from 15 May 2010. The 254,700 performance options granted in the 2008 programme have an exercise price of SEK 466.60 and the 138,700 retention and performance rights entitle holders to one free Class B share per right. The 239,490 retention and performance shares granted in the 2009 programme entitle holders to one Class B share per share, free of charge. The 105,224 performance options granted in the 2010 programme have an exercise price of SEK 452.00 and the 63,543 retention and performance rights entitle holders to one free Class B share per right. Further details about the programmes can be found in Note 25.
Share performance
Articles of Association The Articles of Association do not include any provisions for appointing or dismissing members of the Board of Directors or for changing the articles. Outstanding shares may be freely transferred without restrictions. MTG is not aware of any agreements between shareholders, limiting the right to transfer shares.