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Sampo plc’s Board of Directors plans to resolve on the distribution of an extra dividend, subject to the authorization by the Annual General Meeting held on 9 April 2019, in its meeting scheduled for 7 August 2019.
The extra dividend would be distributed in the form of Nordea Bank Abp shares held by Sampo so that each shareholder would receive one Nordea share for each ten Sampo shares held. Fractional entitlements to Nordea shares resulting from the distribution ratio would not be distributed in the form of shares, but an equivalent amount would be compensated to shareholders in cash.
Providing that the Board resolves to distribute the extra dividend on 7 August 2019, the ex-dividend date would be 8 August 2019 and the record date would be 9 August 2019. The payment date would be 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 would pay the Finnish transfer tax of 1.6 per cent resulting from the distribution of the share dividend on behalf of shareholders. More information on taxation and other practical matters will be published later at www.sampo.com.
As a result of the distribution of the share dividend, Sampo’s ownership in Nordea would decrease below 20 per cent. Hence, as of 30 September 2019, the Groups solvency would only be calculated in accordance with the Solvency II rules and Nordea shares would be treated as a normal equity investment. Sampo Group’s solvency ratio according to the Solvency II directive amounted to 126 per cent at the end of March 2019. Taking the hybrid capital of EUR 500 million issued in May 2019 and the planned distribution of an extra dividend into account, the solvency ratio would have been approximately 169 per cent at the end of March 2019. Deconsolidation is subject to formal approval by the Finnish Financial Supervisory Authority and requires an application to be submitted by Sampo.
In the future, the Group’s solvency would no longer be calculated by the conglomerate rules (FICO). The consolidation of Nordea as an associated company in Sampo Group’s financial statement (IFRS) would remain unchanged.
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