Reference is made to the DNO ASA stock exchange notices dated June 22 and June 23, 2005 concerning dividend of NOK 0,50 per share and 1 share in DNO ASA for each 27 shares, prior to share split 1:4.
In accordance with the above mentioned stock exchange notices and as per resolution by the annual general meeting in DNO ASA on June 22, 2005, the company has on July 7, 2005 paid ordinary dividend for 2004 to its shareholders. The dividend payment equals NOK 0,50 per share and 1 share in DNO ASA for each 27 shares, based on the number of shares prior to the share split. Withholding tax has been deducted as applicable.
Effect of share split
As resolved by the annual general meeting on June 22, 2005, the shares of DNO ASA were split with effect from and including June 23, 2005 and traded on this basis from such date. Through the share split, 1 old share yielded 4 new shares and consequently, the nominal value of each share was reduced from NOK 4 to NOK 1. The number of shares per shareholder has been increased correspondingly, as notified to each shareholder by the Norwegian Central Securities Depository (VPS) on June 27, 2005.
The share distribution is as stated calculated based on the number of shares prior to the split. Following the split, the payout ratio of 1:27 will however not change in relation to the increased number of shares. Each shareholder will thereby in effect receive 1 share in DNO ASA for each 27 shares, based on the increased number of shares after the split, less applicable withholding tax.
Holding of own shares
The DNO ASA shares have been distributed from the company's holding of own shares. In total, 7 411 811 own shares have thereby been distributed to DNO ASA shareholders.
Following the dividend distribution, DNO ASA holds 4.828.689 treasury shares. In addition, DNO ASA has entered into forward contracts to purchase 5.977.036 DNO shares and holds options for purchase of 20.000.000 DNO shares.