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Information for shareholders
Investor relations
Vedior endeavours to pursue an open dialogue with investors and analysts while at the same time, observing its legal obligations relating to confidentiality. Through active engagement with current and prospective shareholders, Vedior believes it is best able to achieve a more accurate valuation for the Group’s shares and ensure that investors’ risk perception is realistic.
The Group is committed to providing high quality, meaningful and timely information to investors and analysts in order to improve the market’s understanding of the Company and to ensure that the entire market has access to price-sensitive information at the same time. Through its communications with the financial community, Vedior provides information on key value drivers, business strategy, threats and opportunities, and insights into the key ratios which the Group uses to track its own performance.
At the end of 2004, Vedior joined an international initiative launched by IR Solutions (part of the London Stock Exchange) called the Corporate Responsibility Exchange. This Exchange provides an efficient mechanism for communicating with investors, and other interested parties, how individual companies deal with corporate social responsibility issues. The information provided within the Exchange is transparent and formatted in order to relate to all the major global ratings systems and most influential CSR codes.
During the year under review, senior management held frequent meetings with new and existing institutional investors, as well as analysts. Senior management also participated in a number of investor conferences as well as Group meetings arranged by brokers in the United Kingdom, United States and Continental Europe. Vedior endeavors to provide analysts and investors with the opportunity to interact with all members of the Board of Management, other senior corporate personnel as well as operational managers, a number of whom participated in meetings during the course of 2004.
As part of the Board of Management’s strategic review, an investor perceptions survey was undertaken during June and July 2004. 25% of respondents considered Vedior’s levels of disclosure to be comparable with its peer group, while 60% considered it superior to its peer group.
In November, Vedior held an Analyst and Investor Meeting attended by over 40 people in person where the outcome of the Board of Management’s strategic review was discussed in detail. A webcast of this meeting is available to view at www.vedior.com/investor-relations/presentations.asp. Results are published quarterly as Vedior believes that this provides greater financial discipline and more transparency. Each quarter, the Group holds a conference call for analysts and investors where senior management are available to discuss results in more detail and answer any questions which may arise.
Vedior (certificates of) shares
Vedior has three classes of (certificates of) shares:
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(Certificates of) ordinary shares, listed on Euronext Amsterdam, with a face value of €0.05. At the end of the financial year 166,115,896 shares were in issue. |
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Preference class A shares, with a face value of €0.01 and in the form of non convertible depositary receipts. Number issued 34,323,680, effective value €50,619,876. |
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Preference class B shares, with a face value of €100.00 and in the form of non convertible depositary receipts. Number issued 27,000, face value €2,700,000. |
Development in the number of (certificates of) ordinary shares outstanding during 2004
| As at 31 December 2003 |
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164,622,659 | |
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| Issued in 2004 |
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| as a result of the payment from reserves |
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1,289,271 | |
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| for the US employee stock purchase plan |
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55,602 | |
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| for employee share and option related incentive schemes |
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148,364 | |
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| (Certificates of) ordinary shares placed and outstanding at 31 December 2004 |
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166,115,896 | | |
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