The Yara dividend of €0.27 per share has been approved at the Annual General Meeting, cancelled the already bought back shares and authorised a new share buy-back program.
The €0.27 dividend per share will be paid on 3rd June 2005 to shareholders as of the 19th May. The Yara share has been traded ex-dividend from May 20th. American Depository Receipts (ADRs) have been traded ex-dividend since 17 May, and the payment date for ADRs is 10 June.
The General Meeting cancelled the approximately 3 million shares already bought back and redeemed approximately 1.7 million shares previously owned by the Norwegian State. After the cancellation/redemption Yara now has 314,737,356 shares.
Finally, the General Meeting replaced the previous buy-back program with a new one authorizing the Board to acquire up to 5% of Yara's shares within the next 12 months. Shares may be purchased within a price range of €1.21 to €36.4. Yara has entered into a new agreement with the Norwegian State to the effect that the State's shares will be redeemed on a pro-rata basis so that the State's ownership is unchanged in the event of a cancellation of the shares bought back.
Note: Currency conversions from NOK to Euros are based on a Q1 2005 average of 1€ = 8.247.