Stock Exchange Releases
According to the proposition made by the board, the extraordinary
general meeting of Tulikivi Corporation held on 4 December 2003
decided to distribute extra dividend for the year 2002 to the
amount of EUR 1.30 per current A share and EUR 1.25 per current K
share. The extraordinary general meeting accepted the board’s
proposition to increase the number of shares to five-fold. The
nominal value of both share series will be changed from EUR 3.40
to EUR 0.68 so that one old share will be split into five new
shares. The general meeting also accepted the changes in company
by-laws and the change in the authorisation given by the general
meeting to acquire and relinquish company’s own shares as proposed
by the board.
The general meeting accepted the board’s proposition to increase
the number of shares to five-fold with the following terms and
1. The number of shares will be increased five-fold without
increasing the capital stock. This will be done in proportion to
shareholders’ ownership, so that one old share will be split into
five new shares. At the moment, the capital stock of the company
is EUR 6,192,341.80, which is divided into 477,000 K series shares
and 1,344,277 A series shares. Currently, the nominal value of the
shares is EUR 3.40. Due to the increased number of shares, each
share with the nominal value of EUR 3.40 will be split into five
(5) shares with the nominal value of EUR 0.68. After the split,
the number of K shares will be 2,385,000 and the number of A
2. The number of shares will be automatically updated in the book
entry security account, and this requires no action on the part of
3. New shares are eligible for full dividend for the fiscal year
beginning 1 January 2003 and other rights in the company related
to the shares, when the increase in the number of shares has been
registered in the Finnish trade register.
4. The Board will decide on other factors related to the split of
shares and practical measures.
Change in company by-laws
The extraordinary general meeting accepted the changes in
paragraphs 3 and 4 of the company by-laws as suggested by the
board as follows:
3 § Minimum and maximum capital stock
The minimum capital stock is EUR 2,550,000 and the maximum capital
stock is EUR 10,200,000. These limits form the range for
increasing and decreasing the capital stock without changing the
The shares are divided into K shares, which are called base
shares, and A shares, which are called privilege shares. The
number of K shares is no less than 2,385,000 shares and no more
than 5,460,000 shares, and the number of A shares is no less than
2,447,500 shares and no more than 9,540,000 shares.
The K and A shares have the following differences:
1) Each K-share carries 10 votes in the general meeting while an A
share only carries one vote.
2) The dividend to be paid for A shares from distributable
earnings will be at least one per cent greater calculated on the
nominal value of the share than for K shares.
The general meeting can decide that only K or A shares will be
issued for subscription.
4 § Nominal value of shares
The nominal value of one share is EUR 0.68.
Changes in the authorisation given by the general meeting held on
11 April 2003 to acquire and relinquish company’s own shares
The general meeting accepted the board’s proposition to change the
authorisation given by the general meeting held on 11 April 2003
to acquire and relinquish company’s own shares so that the
authorisation reflects the increased number of shares.
The extraordinary general meeting accepted the board’s proposition
to pay extra dividends for 2002. The dividend payable will be EUR
1.30/share for current A shares and EUR 1.25/share for current K
shares. Thus, the total amount of dividends will be EUR
2,343,810.10. The dividend will be paid to such a shareholder who
on 9 December 2003, the record date of dividend payment is entered
on the company´s register of the owners maintained by
the Finnish Central Securities Depositary Ltd.(Suomen
Arvopaperikeskus Oy). Dividends will be paid on 16 December 2003.
Juuka, 4 December 2003
Distribution: Helsinki Stock Exchange
For further information: Tulikivi Corporation, 83900 Juuka, tel.
Chairman of the board Matti Virtaala