Increasing Share capital
The Board of Directors is given authority to increase the share capital by up to NOK 3.9 million through the issue of up to 3.9 million shares.
The authority also includes an increase in capital for a consideration other than cash, so that the Board may carry out mergers, purchases of businesses, assets etc. The authority also permits the Board to establish the terms for issuing the shares.
The shares shall rank equally with existing shares at the date of issue.
The authority shall apply until the Annual General Meeting in 2017.
The shareholders relinquish their preferential subscription rights of shares in connection with any increases in capital pursuant to this authority.
In Farstad Shipping, the Board of Directors has had authority to increase the share capital since 1995, however, this authority has yet never been executed.
The share capital of Farstad Shipping has therefore remained constant throughout the years, with exception of share buybacks carried out by the Board, last time in 2002. All the share buybacks have been deleted.