21. INFORMATION ON SHAREHOLDERS’ EQUITY AND ITS ADMINISTRATION
The following describes information on Alma Media shares and changes in 2015.
Total number of shares Share capital, MEUR Share premium fund, MEUR Invested non-restricted equity fund, MEUR
1 January 2015 75,486,853 45.3 7.7 0.0
Share subscription 6,896,329 0.0 0.0 19.1
31 December 2015 82,383,182 45.3 7.7 19.1
The company has one share series and all shares confer the same voting rights, one vote per share. The shares have no nominal value.
Book-entry securities system
The company’s shares belong to the book-entry system. Only such shareholders have the right to receive distributable funds from the company, and to subscribe to shares in conjunction with an increase in the share capital, 1) who are listed as shareholders in the shareholders’ register on the record date; or 2) whose right to receive payment is recorded in the book-entry account of a shareholder listed in the shareholders’ register on the record date, and this right is entered in the shareholders’ register; or 3) whose shares, in the case of registered shares, are registered in their book-entry account on the record date, and as required by section 28 of the Act on the Book-Entry System, the respective manager of the shares is listed on the record date in the shareholders’ register as the manager of said shares. Shareholders whose ownership is registered in the waiting list on the record date have the right to receive distributable funds from the company, and the right to subscribe to shares in conjunction with an increase in the share capital, provided they are able to furnish evidence of ownership on the record date.
Own shares
The Group did not hold any of the company’s own shares in 2015 or 2014.
Foreign currency translation reserve
The translation differences fund comprises the exchange rate differences arising from the translation into euros of the financial statements of the independent foreign units
Share premium reserve
In cases in which stock options have been decided during the time the previous Finnish Limited Liability Companies Act (29.9.1978/734) was in force, payments received for share subscriptions based on stock options have been recognised in share capital and the share premium reserve in accordance with the terms of the respective option programmes, less transaction costs.
Distributable funds
The distributable funds of the Group’s parent company totalled EUR 120,642,934 on 31 December 2015.
Dividend policy
On 25 November 2013, Alma Media published its long-term financial objectives. In accordance with them, it is the company’s aim to pay on average more than 50% of the profit for the period in dividends or capital repayments over the long term.
Redemption of shares
A shareholder whose proportional holding of all company shares, or whose proportional entitlement to votes conferred by the company shares, either individually or jointly with other shareholders, is or exceeds 33.3% or 50% is obligated on demand by other shareholders to redeem such shareholders’ shares.