Please find attached the Annual Report for 2021 for Rana Gruber AS (the "Company") as approved by the Company's Board of Directors. As part of the Annual Report, please find a section including the Company’s climate accounts and priorities, measurements and targets within environment, social and governance (ESG).
The Annual Report and the directors' report will be presented for approval at the Company's Annual General Meeting to be held on 22 March 2022.
In connection with conversion of the Company's financial accounts to the International Financial Reporting Standards, as adopted by the EU (IFRS), the Board of Directors has decided to amend the Company's dividend policy. Pursuant to the Company's adjusted dividend policy, applicable from the Q1 2022 dividends scheduled to be paid from Q2 2022, the Company will target to distribute 50-70 percent of its adjusted net profit as quarterly dividends. The Board of Directors may decide that 0-30 percent of the allocated dividend amount can be applied for acquisition of own shares. Adjusted net profit shall for the purpose of the dividend policy constitute the IFRS based net profit after tax, adjusted for unrealised gains and losses from the Company’s portfolio of hedging positions related to iron ore, USD and freight, which does not impact the shipments concluded in the quarter. The Board of Directors can also adjust for larger specific events that it does not consider to be of relevance for normal business.
Furthermore, the Board of Directors has resolved to distribute a dividend of NOK 1.51 per share in accordance with the board authority to distribute dividends on a quarterly basis granted by the Company's extraordinary general meeting on 18 March 2021. The dividend is distributed based on the Company's financial accounts for 2020. The Company's shares will be traded last day including the right to receive the dividend on 14 February 2022. See separate stock exchange announcement from the Company today with key information about the dividend.
The Board of Directors has also resolved to initiate a share buyback program which includes repurchases of shares in the Company for a total value of up to NOK 14 million. The shares purchased under the buyback program will be redeemed (i.e. cancelled) by way of a share capital decrease in the Company, subject to approval by the Company's Annual General Meeting. See separate stock exchange announcement from the Company today with further details about the share buyback program.
In connection with the Annual General Meeting scheduled to be held on 22 March 2022, the Board of Directors has resolved to propose that the following items are discussed in addition to the annual accounts:
- Remuneration to the board members for the period until the Annual General Meeting in 2023.
- Remuneration to the members of the nomination committee for the period until the Annual General Meeting in 2023.
- Remuneration to the auditor for 2021.
- That the Board of Directors shall no longer include shareholder-elected deputy members.
- Authority to the Board of Directors to resolve distribution of dividends: It is proposed that the authority covers quarterly distribution of dividends on the basis of the Company's financial accounts for 2021 in accordance with the Company's adjusted dividend policy, and that the authority will be in force until the Annual General Meeting in 2023.
- Authority to the Board of Directors to acquire own shares: It is proposed that the authority covers buyback of own shares for a total nominal value of NOK 934,800 (equal to 10% of the Company's current share capital), that the Board of Directors determines the methods by which own shares can be acquired or disposed of and that the authority will be in force until the Annual General Meeting in 2023.
- Share capital decrease: It is proposed that the Company's share capital is reduced by an amount equal to the Company's holdings of own shares per the date of the notice, including all own shares acquired by the Company under the share buyback program described above, through a cancellation of the shares. Further information about the specific number of own shares to be cancelled will be included in the notice to the Annual General Meeting.
The notice to the Annual General Meeting is scheduled to be published on 1 March 2022 at the latest.
For more information, please contact:
CEO, Gunnar Moe
+47 941 47 650
Gunnar.moe@ranagruber.no
CFO, Erlend Høyen
+47 902 02 741
Erlend.hoyen@ranagruber.no
About Rana Gruber
Rana Gruber is a Norwegian iron ore producer and supplier established in 1964, with operations based on more than 200 years of mining experience. The Company's products are based on own natural mineral resources which are upgraded and tailored for applications and exported to its customers worldwide. Rana Gruber produces and sells iron ore concentrate, primarily serving steel producers and participants in the chemical industry. Rana Gruber also produces and sells micronised iron oxides and other dissemination of iron ore, and primarily serves paint manufactures and participants in the building- and automotive industries. Rana Gruber has about 300 employees and a production capacity of 1.8 million tons of iron ore concentrates and specialty products.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Vegard Nerdal, Investor Relations in Rana Gruber AS on 11 February 2022 at 07:00 am CET.