Nokia 2014 Annual Report Download - page 122

120 NOKIA IN 2014
Authorizations proposed to the Annual General Meeting 2015
On January 29, 2015 Nokia announced that the Board will propose
that the AGM convening on May 5, 2015 authorize the Board to resolve
to repurchase a maximum of 365 million Nokia shares. The proposed
maximum number of shares that may be repurchased corresponds
to less than 10% of all the shares of the Company. The shares may
be repurchased in order to optimize the capital structure of the
Company and are expected to be cancelled. In addition, shares may
be repurchased in order to nance or carry out acquisitions or other
arrangements, to settle the Company’s equity-based incentive plans,
or to be transferred for other purposes. The shares may be
repurchased either through a tender oer made to all shareholders
on equal terms, or in another proportion than that of the current
shareholders. The authorization would be eective until November 5,
2016 and terminate the current authorization for repurchasing of
the Company’s shares resolved at the Annual General Meeting on
June 17, 2014.
Nokia also announced on January 29, 2015 that the Board will propose
to the Annual General Meeting to be held on May 5, 2015 that the
Annual General Meeting authorize the Board to resolve to issue a
maximum of 730 million shares through issuance of shares or special
rights entitling to shares in one or more issues. The Board may issue
either new shares or treasury shares held by the Company. The Board
proposes that the authorization may be used to develop the
Company’s capital structure, diversify the shareholder base, nance
or carry out acquisitions or other arrangements, settle the Company’s
equity-based incentive plans, or for other purposes resolved by the
Board. The proposed authorization includes the right for the Board
to resolve on all the terms and conditions of the issuance of shares
and special rights entitling to shares, including issuance in deviation
from the shareholders’ pre-emptive rights. The authorization
would be eective until November 5, 2016 and terminate the
current authorization granted by the Annual General Meeting
on June 17, 2014.
Oer and listing details
Our capital consists of shares traded on Nasdaq Helsinki under the
symbol “NOK1V”. Our ADSs, each representing one of our shares, are
traded on the New York Stock Exchange under the symbol “NOK”. The
ADSs are evidenced by American Depositary Receipts (“ADRs”) issued
by Citibank, N.A., as the Depositary under the Amended and Restated
Deposit Agreement dated as of March 28, 2000 (as amended), among
Nokia, Citibank, N.A. and registered holders from time to time of ADRs,
as amended on February 6, 2008.
The table below sets forth, for the periods indicated, the reported high
and low quoted prices for our shares on Nasdaq Helsinki, and the high
and low quoted prices for the ADSs, as reported on the New York Stock
Exchange composite tape.
Nasdaq OMX Helsinki
price per share
New York Stock Exchange
price per ADS
High Low High Low
EUR USD
2010 11.82 6.58 15.89 8.00
2011 8.48 3.33 11.75 4.46
2012 4.46 1.33 5.87 1.63
2013
First Quarter 3.64 2.45 4.90 3.19
Second Quarter 3.01 2.30 4.12 3.02
Third Quarter 5.10 2.88 6.78 3.81
Fourth Quarter 6.03 4.64 8.18 6.22
Full year 6.03 2.30 8.18 3.02
2014
First Quarter 6.11 4.89 8.20 6.64
Second Quarter 6.01 5.13 8.35 7.00
Third Quarter 6.89 5.38 8.73 7.30
Fourth Quarter 6.97 5.95 8.58 7.58
Full year 6.97 4.89 8.73 6.64
Most recent six months
September 2014 6.89 6.26 8.73 8.24
October 2014 6.97 5.95 8.58 7.58
November 2014 6.79 6.14 8.44 7.63
December 2014 6.84 6.05 8.37 7.61
January 2015 7.23 6.33 8.13 7.40
February 2015 7.20 6.63 8.09 7.49
General facts on Nokia continued