Annual General Meeting of Topdanmark on 15 April 2008

Print
| Source: Topdanmark A/S
multilang-release
15 April 2008
Announcement No. 09/2008


The Annual General Meeting was held in accordance with the published agenda,
and the Annual Report including the proposal submitted by the Board of
Directors for the appropriation of the result for the financial year was
adopted. 

Accordingly, the AGM adopted the proposal submitted by the Board of Directors
for reducing the Company's share capital by a total of 240,000 shares which had
been bought back since 13 December 2007. The reduction in share capital will be
at a stock market price of DKK 728.30 per share and a total of DKK 174,791,604
will be transferred from the Company's tied-up capital to its free reserves. 

On 16 April 2008 the reduction in capital will be reported to the Danish
Commerce and Companies Agency and in practice, the reduction will be effected
on the expiry of the three-month time limit for filing objections. After the
reduction the share capital will be DKK 166,563,500. 

Furthermore, the proposals submitted by the Board of Directors for amending the
Articles of Association on the renewal of the granting of authorisation to the
Board of Directors to issue shares, employee shares, convertible bonds and
warrants as well as on the venue, the authorisation to acquire own shares, the
performance-related pay to the Board of Management and other executives and the
increase in the remuneration for the Board of Directors were all adopted. 

All the Board members - Jørgen Ajslev (Industrial Advisor), Anders Knutsen
(Chairman), Jens Maaløe (CEO), Michael Pram Rasmussen (Chairman), Annette
Sadolin (Board Member) and Knud J. Vest (Fur Farmer) - were re-elected. 

The Board of Directors elected Michael Pram Rasmussen as Chairman and Anders
Knutsen as Deputy Chairman from among its members. 

The Company's auditor, Deloitte, Statsautoriseret Revisionsaktieselskab, was
re-elected. 

Topdanmark continues to expect a post-tax profit of DKK 750 - 850m for 2008
(see announcement No. 03/2008). This is based on assumptions including
unchanged foreign exchange rates, an annual 7.0% return on the equity
portfolios given the level of equity prices on 6 March 2008 as well as a return
on interest-bearing investments of 5.2% (risk-free interest rate plus an
allowance for risk of 0.75 percentage points). 

For 2008 Topdanmark continues to expect a share buy-back of around DKK 1,050m.
To date this year Topdanmark has already bought back own shares of DKK 309m,
which leaves a balance of DKK 741m of the share buy-back programme for the
remainder of the year. 


Please direct any queries to:
Steffen Heegaard, Communication and IR Manager
Mobile +45 4025 3524