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Sampo plc’s Board of Directors has today, as planned and previously announced on 13 June 2019, resolved to distribute an extra dividend in the form of Nordea Bank Abp shares.
Each shareholder will receive 1 Nordea share for each 10 Sampo shares. Fractional entitlements to Nordea shares resulting from the distribution ratio will not be distributed in the form of shares, but an equivalent amount will be compensated to shareholders in cash.
The ex-dividend date is 8 August 2019 and the record date 9 August 2019. The payment date is 12 August 2019 for the share dividend and 16 August 2019 for the cash compensation.
In Finland, a share dividend is taxed similarly as cash dividend. Sampo will pay the Finnish transfer tax of 1.6 per cent resulting from the distribution of the share dividend on behalf of shareholders. The Finnish Tax Administration has published general information regarding the taxation of dividends in kind at https://www.vero.fi/en/About-us/newsroom/news/uutiset/2019/taxation-of-dividends-in-kind/.
As a result of the distribution of the extra dividend, Sampo’s ownership in Nordea will decrease below 20 per cent. Hence, in the future, the Group’s solvency will only be calculated by the Solvency II rules and Nordea will be treated as a normal equity investment.
Sampo Group’s solvency ratio according to the Solvency II directive amounted to 137 per cent at the end of June 2019. Taking the distribution of an extra dividend into account, the solvency ratio would have been approximately 170 per cent at the end of June 2019.
Withdrawing from the conglomerate rules (FICO) solvency calculation is subject to formal approval by the Finnish Financial Supervisory Authority. Sampo expects to receive the approval before the release date of the January-September 2019 Interim Statement. The consolidation of Nordea as an associated company in Sampo Group’s financial statement (IFRS) will remain unchanged.
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