Since 1992, Marel’s shares have been listed on the Nasdaq Iceland stock exchange under the symbol MARL. Marel’ s share price stood at ISK 138.00 at the end of 2014, compared to ISK 133.00 at the end of 2013, an increase of 3.8%.
In euros, the shares stood at 89 cents per share at year-end compared to 84 cents at the end of 2013.
As recorded in the shareholders’ register, there were 1,864 Marel shareholders at year end 2014, compared to 1,846 at year end 2013. As of December 31 2014, Marel held 6,957,850 treasury shares.
Eyrir Invest hf. is Marel’ s largest shareholder, with 29.3% of shares, followed by Lífeyrissjóður verzlunarmanna – the Pension Fund of Commerce (9.1%) and Grundtvig Invest A/S (8.4%).
The ten largest shareholders held 70.6% of the total shares. In total, Icelandic pension funds held 32.3% of Marel’ s share capital. International shareholders owned 10.2% at year end 2014. The free float of Marel shares was 71% and free float adjusted market value of the company was €464 million.
At year end 2014, there were 735.6 million Marel shares, all in one class. Of these, Marel holds 7 million treasury shares.
In 2014, Marel purchased 9.0 million shares for €6.8 million to fulfill stock option obligations, and sold 2.2 million treasury shares for a total of €1.2 million to fulfill the employees’ stock option program.
Stock options are granted to management and selected key employees. At the end of 2014 there were 16.8 million shares of granted and unexercised stock options, of which 6.4 million were exercisable at the end of 2014. The remainder will become exercisable between 2015 and 2021.
At the company’ s 2014 Annual General Meeting, the 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. No new shares according to this resolution were issued at the end of 2014.
Marel has made agreements with Landsbankinn hf. and MP banki hf. regarding market making for the issued shares of Marel. The purpose of the agreements is to improve liquidity and to enhance transparent price formation in the company’ s shares on Nasdaq Iceland. The duration of these agreements is unspecified but they can be terminated with one month’ s notice.
Shares in Marel were traded 1,958 times in 2014 for a total market value of ISK 32.6 billion (up from ISK 28.8 billion in 2013), which corresponds to a turnover rate of 37%.
This places Marel with the second highest turnover on the Nasdaq Iceland exchange in 2014. Marel’s average end-of-day spread was 1.04%. The market value of the company at year end 2014 was ISK 101.5 billion (€656.8 million) compared to ISK 97.8 billion (€612.8 million) at year end 2013, an increase of ISK 3.7 billion (€44.0 million). Since the company’ s shares are traded in ISK, the fluctuations of the Icelandic krona during the year 2014 affect the market value when converted into euros.
The Board of Directors will propose to the 2015 Annual General Meeting that € cents 0.48 dividend per outstanding share will be paid for the operational year 2014, corresponding to approximately €3.5 million or 30% of net profit of the year 2014, and refers to the financial statements regarding appropriation of the profit for the year and changes in shareholders’ equity.
|Program initiated||Number of shares in thousands||Exercise price per share||Exercisable in|
|May 2010||6,388||EUR 0.572||2015|
|June 2012||7,908||EUR 1.056 - 1.143||2015 - 2018|
|December 2014||2,475||EUR 0.949 - 1.027||2018 - 2021|
|Number of Shares||Shareholders||%||Shares||%|
|Shareholders.||Number of shares||%|
|1||Eyrir Invest hf.||Investment company||215,366,838||29.3%|
|2||Lifeyrissjodur verslunarmanna||Pension fund||66,979,042||9.1%|
|3||Grundtvig Invest A/S||Investment company||61,560,494||8.4%|
|4||Stefnir - IS 15||Asset management||37,941,197||5.2%|
|5||Lifeyrissj.starfsm.rik A & B deild||Pension fund||34,254,000||4.7%|
|6||Gildi lifeyrissjodur||Pension fund||32,217,979||4.4%|
|7||Stafir lifeyrissjodur||Pension fund||20,512,255||2.8%|
|8||Stapi lifeyrissjodur||Pension fund||19,763,347||2.7%|
|9||Stefnir lifeyrissjodur||Asset management||15,615,550||2.1%|
|10||Sameinadi lifeyrissjodurinn||Pension fund||15,337,293||2.1%|
|Top 10 total||519,583,995||70.6%|
|Total issued shares||735,568,997||100.0%|