<p>Shares</p>

<p><span style="font-weight: 400;">Marel is committed to being open and transparent in all matters, and that includes information related to shares. View our latest results, see a rundown of the largest shareholders, and learn more about our dividend policy.</span></p>

Share monitor

Marel hf. is listed on Nasdaq OMX Iceland under the symbol MARL.

Nominal value of each share is one ISK. Shareholders are around 2,500.

 

 

 

<p>Marel is the largest company on Nasdaq Iceland by market capitalization</p>

Shareholders

Top 20 largest shareholders (as of 18 February 2019)

Marel had approximately 2,500 shareholders at year-end 2018 whereby Eyrir Invest hf. is Marel’s largest shareholder. In total the ten largest shareholders held 67.2% of the total issued shares and thereof the Icelandic pension funds held 41.4% of Marel’s issued share capital.

Marel shares were the most actively traded on NASDAQ Iceland in 2018 and the free float was 72%.

Rank Shareholders Type Shares %
1 Eyrir Invest hf. Investment company 190,366,838 27.89
2 Lífeyrissjóður verslunarmanna Pension fund 66,454,042 9.74
3 Gildi - lífeyrissjóður Pension fund 44,432,561 6.51
4 Lífeyrissjóður starfmanna ríkisins A-deild Pension fund 32,976,000 4.83
5 Birta lífeyrissjóður Pension fund 26,332,534 3.86
6 MSD Partners Luxembourg S.á.r Investment company 24,600,000 3.60
7 Smallcap World Fund Inc. Asset management 15,019,281 2.20
8 Stapi lífeyrissjóður Pension fund 14,628,455 2.14
9 Frjálsi lífeyrissjóðurinn Pension fund 13,074,289 1.92
10 Festa - lífeyrissjóður Pension fund 13,050,588 1.91
11 Teleios Global Opportunities Asset management 12,268,468 1.80
12 Landsbankinn - safnreikningur 1 Bank - custody account 11,772,189 1.72
13 Stefnir - ÍS 15 Asset management 11,466,165 1.68
14 Lífeyrissjóður starfmanna ríkisins B-deild Pension fund 11,201,280 1.64
15 Almenni lífeyrissjóðurinn Pension fund 10,539,220 1.54
16 Stefnir - ÍS 5 Asset management 10,468,824 1.53
17 Brú - lífeyrissjóður starfsmanna sveitarfélaga Pension fund 7,523,631 1.10
18 Lífsverk lífeyrissjóður Pension fund 6,339,312 0.93
19 Söfnunarsjóður lífeyrisréttinda Pension fund 6,168,994 0.90
20 Landsbankinn hf. Bank 5,579,874 0.82
  Top 20 total   534,262,545 78.27
  Others
  129,203,709 18.93
  Marel hf.*   19,119,667 2.80
  Total issued shares   682,585,921 100.000

*The EGM on 22 November 2018 approved all proposals presented by the board. There were two proposals on the meeting’s agenda. The meeting approved that the Company’s share capital shall be reduced by ISK 52,983,076 nominal value, from ISK 735,568,997 to ISK 682,585,921 nominal value. The reduction will be executed by way of cancelling 52,983,076 of the Company‘s own shares of ISK 1 each, in accordance with the provisions of Act No. 2/1995 on Public Limited Companies.

The EGM also approved an authorization for the Company to initiate a formal share buyback program that complies with the provisions of the Act on Securities Transactions No. 108/2007 and appendix to Regulation on Insider Information and Market Manipulation No. 630/2005. The Company may purchase up to 34,129,296 shares in total under the program, corresponding to 5% of the share capital. For further information, please see Marel’s announcement on 22 November 2018.

 

Dividends

Marel’s dividend policy was first disclosed at Marel’s annual general meeting in March 2011. Over the past five years, the dividend payout ratio has been between 20-30%.

Dividend policy

  • Target of 2-3 times Net debt/EBITDA ratio
  • Excess capital used to stimulate growth and value creation, as well as paying dividends
  • Dividend or share buy-back targeted at 20-40% of net profits

Dividend history

Year of payment (for previous year of operations) 2017 2016 2015 2014* 2013
Dividend per share EUR cents 2.14 1.58 0.48 0.00 0.97
Dividend yield, %** 1.0% 0.9% 0.5% -
1.2%
Payout ratio, %*** 20% 20% 30% -
20.%
Ex. Dividend date Mar 3 Mar 3
Mar 5
-
Mar 7
Record date
Mar 6
Mar 4
Mar 6 -
Mar 11
Payment date
Mar 23 Mar 23 Mar 27 - Apr 5

*No dividend was paid 2014 for the operational year 2013.
**Dividend yield, %: Dividend per share / Price per share at previous year-end
***Payout Ratio: Total dividend paid / Net income of previous year

 

 

AGM

<p>Each Marel annual general meeting is one of the most important events in the company’s calendar. The AGM enables shareholders to discuss performance, make proposals, vote, and agree upon the company’s future objectives, ambitions and direction.</p>

Share capital

At year-end 2017, there were 735.6 million Marel shares issued, all in one class. Of the total share capital base, Marel holds 5.68% or 41.7 million treasury shares. During the year, Marel purchased 22.2 million treasury shares for a total amount of EUR 63.5 million to be used as a payment for potential future acquisitions.

Marel sold 0.9 million treasury shares for EUR 2.5 million to the management of Sulmaq as part of Marel‘s acquisition of Sulmaq. The sold shares are subject to a lock-in period of 18 months from the date of closing which was August 31, 2017. Marel also sold 1.1 million treasury shares for a total amount of EUR 1.2 million to fulfill employees’ stock option schedules. Stock options are granted to management and selected key employees. At the end of 2017 granted and unexercised stock options totaled 9.9 million shares, of which 1.7 million were exercisable at the end of 2017. The remainder will become vested in the years 2018 to 2021.

At the company’s 2014 annual general meeting, shareholders authorized the Board of Directors to increase the company’s share capital by 35 million shares to fulfill stock option agreements. This authorization is valid for five years following its adoption.

Distribution of shares

(excluding treasury shares, as of 31 December 2017)

Number of shares Shareholders % Shares %
1 - 9,999
1,432
64.91 4,789,114
0.69
10,000 - 99,999 586 26.56 17,080,691
2.46
100,000 - 9,999,999
174
7.89 164,737,564 23.74
10,000,000 - 99,999,999 13 0.59 316,847,564 45.67
100,000,000 and more 1 0.05 190,366,838 27.44
Total without treasury shares 2,206 100.00 693,821,771 100.00