• total distribution to shareholders during 2007 increased up to maximum £20 million
• increased future dividend policy of up to 75% of post-tax profit
At the meeting the Directors approved to seek the renewal of the current share buy-back authority at the forthcoming AGM on 25th April 2007.
This authority will be for the same terms and conditions as those already in existence.
The Board’s objective is to increase the amount of cash distributed to shareholders.
In addition to the significantly increased proposed dividend of 5.5 SEK, there will be an enhanced share buyback programme to achieve a maximum distribution to shareholders of up to a total of £20 million. This will be achieved due to the strong positive cash flow nature of the business and the current net cash position.
Also, the Board expects to announce new financial objectives in the Q1 2007 report, including an improved dividend policy to pay a dividend of up to 75% (currently 50%) of the Group’s net income after tax to the shareholders, provided other financial objectives are met and an appropriate capital structure is maintained. In addition, all banking covenants will need to be adhered to.