01 Mar 2012

Norske Skog: Annual general meeting 25 April 2012

The board of Norske Skog has approved the final agenda for the company's annual general meeting which will be held on 25 April 2012 at the company's head office:

  1. Approval of the financial statements and report of the board of directors for 2011 for Norske Skogindustrier ASA and the group 

  2. Coverage of loss for 2011 

    • The board recommends to the general meeting that no dividend be paid for the financial year 2011 

  3. The board's declaration regarding salary and other remuneration for executive employees 

  4. The winding up of the corporate assembly in Norske Skogindustrier ASA - changes in the articles of association 

  5. Guidelines for Norske Skog's election and remuneration committees 

  6. Election of members and deputy members of the corporate assembly 

    • cancelled if the board's proposal in item 4 is adopted 

  7. Determination of fees to members of the corporate assembly 

    • cancelled if the board's proposal in item 4 is adopted 

  8. Election of members of the board 

    • cancelled if the board's proposal in item 4 is not adopted 

  9. Determination of fees to members of the board 

    • cancelled if the board's proposal in item 4 is not adopted 

  10. Election of chair and three members of the election and remuneration committee 

  11. Determination of fees to members of the election and remuneration committee 

  12. Approval of the auditor's remuneration 

  13. Election of external auditor for 2012 

  14. Proposal for authority to purchase treasury shares 

  15. Proposal for authority to increase share capital and/or issue convertible bonds 

  16. Proposal to reduce the nominal value of the shares 

  17. Proposal to convert NOK 2 billion from share premium to distributable reserves 

Because of the company's stated objective to actively position itself in relation to further industry consolidation, the board has proposed to carry forward last year's unused authorisation from the general meeting to increase share capital, limited to up to ten per cent of the share capital. The board proposes that the authority can apply to the issuance of convertible debt limited to a maximum amount of NOK 800 million and which, upon conversion, can give an increase limited to up to ten per cent of the share capital. The authorities, which have a one-year duration, can be used in combination, however such that the total increase in share capital is limited to ten per cent. The proposed capital changes in items 16 and 17 are only a reclassification of equity and do not constitute a distribution to shareholders.

Such authorisation will give the company better flexibility and bargaining power in case of possible structural transactions.

The formal summons will be sent to the shareholders on 23 March 2012.

Oxen°en, 1 March 2012
Norske Skog
Corporate communication

For further informasjon:
Media:
Vice President Corporate Communication
Carsten Dybevig
Mob: +47 917 63 117
Financial markets:
Senior advisor
Frode Tegner
Mob: +47 906 19 102

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.