First-time consideration by the Supervisory Board of an increase of PCC capital and authorisation to carry out a PCC placing with the bank's employees
* The Supervisory Board authorises the Board of Directors to increase the bank's PCC capital through a new issue and to carry out a placing with the bank's employees. A final decision on this will be made by the Supervisory Board at its meeting on 16 March.
* In consequence of an impending integration with Romsdals Fellesbank ASA and the Board of Directors' consideration of the principles of good corporate governance, the Board of Directors has recommended to the Supervisory Board that changes be made to the bank's Articles of Association, articles 1-1, 2-1, 3-1, 3-2, 3-3, 4-1, 5-1, 5-2, 5-3, 5-4, 6-1, 7-1 and 10-1.
* A final recommendation and formulation of the articles of association will be considered at a meeting of the Board of Directors prior to the meeting of the Supervisory Board on 16 March 2005.
Authorisation to acquire and establish a security interest in the bank's PCCs
* The main Board of Directors is authorised to acquire and establish a security interest in the bank's PCCs in an amount totalling NOK 200 million within the scope of law and regulations.
* The overall holding of PCCs that the bank owns and/or has a charge over cannot exceed 10% of the bank's PCC capital.
* The smallest amount payable for the bank's PCC is NOK 100.- and the highest amount is NOK 400.-. This also applies in respect of charges such that any claim that a charge is intended to secure must lie within these limits.
* PCCs shall be acquired in the securities market via the Oslo Stock Exchange and shall be disposed of in the same market, in the event as a placing with employees within the scope of applicable laws and regulations.
* This authorisation applies for 18 months with effect from 7 February 2005.
Trondheim, 11 February 2005
Contact persons:
SpareBank 1 Midt-Norge:
Managing Director Finn Haugan,tel +47 900 41 002
or Chief Financial Officer Kjell Fordal, tel + 47 905 41 672
About us
SpareBank 1 Midt-Norge is Central Norway's leading financial group. We are market leaders in personal and business banking and have 48 offices in 42 municipalities, in addition to distributing our services through 17 in-shop banks. Our head office is in Trondheim. The group has approximately 700 employees and comprises, in addition to banking operations, the subsidiaries SpareBank 1 Finans Midt-Norge AS, EiendomsMegler 1 Midt-Norge AS, Allegro Finans ASA and Midt-Norge Regnskap AS.
Our mission is to be the recommended bank for customers in Central Norway and, as a local, independent savings bank, we feel a special responsibility for stimulating growth and quality of life in the region. We base our business on proximity to customers, good accessibility, a complete range of banking, financial and insurance products, and holistic financial advisory services.
SpareBank 1 Midt-Norge is one of seven owners of SpareBank 1 Gruppen AS.
For more information, visit our website at
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