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Governance
INvESTOR RELATIONSAlgeta aims to be an attractive invest-ment for its shareholders through consistent performance and information, enabling a fair market valuation of the share. Through targeted investor relations activities, Algeta aims to keep its share liquid and thereby underpin its attractiveness as an investment oppor-tunity. Algeta treats all institutional investors, private shareholders and analysts equally with regard to infor-mation.
All important and relevant news is relayed in the form of notices to the Oslo Stock Exchange (OSE) and through press releases. Such information is distributed without delay and simultaneously to the capital market, the media and is also
published on the Company website. Algeta presents quarterly results live in Oslo four times per year and usually relays these as webcasts. In addition, Algeta holds regular IR meetings with investors in Norway, across Europe and in the USA. In 2010, Algeta organized its first Capital Market Days in Oslo and London.
Subscription for news about Algeta can be made at www.algeta.com. All the Company’s press releases, including historical ones, can be accessed on the same website, as can its interim and annual reports, prospectus, presen-tations, articles of association, financial calendar, IR and corporate governance policies, and other information.
SHARE AND SHARE CAPITALAlgeta has 39,516,369 ordinary shares* with a nominal value of NOK 0.50 per share (see Note 16 to the consolidated financial statements.) The company has one class of share and each share entitles the holder one vote. The Group has not conducted trades in its own share as per 31 December 2010.
Liquidity increased during 2009-10. In 2010, more than 51 million Algeta shares were traded on the OSE, repre-senting 126% of the total number of shares. The total value of the trades amounted to approximately NOK 4.5 billion. The average daily trading volume for Algeta shares on the OSE during 2010 was 204,020, or a turnover of approxi-mately NOK 18 million.
The highest recorded closing price for the Algeta share during 2010 was NOK 136.00 (30 December 2010), while the lowest price was NOK 52.75 (25 January and 15 February 2010). The closing price at year’s end was NOK 136.00, repre-senting an increase of 99% from the 2009 year-end close.
From 1 December 2009 Algeta was included in the Oslo Stock Exchange’s benchmark Index (OSEBX) with a weight of 0.42%. At the end of 2010, the weight had increased to 0.64%.
During 2010, Algeta saw the share price increasing steadily, after the extraordinary raise the previous year. The highest closing price during the year was NOK 136.00 and the lowest was NOK 52.75, with the closing price at year’s end representing an increase of 99% from the 2009 year-end close. The market capitalization on 31 December 2010 was approxi-mately NOK 5.4 billion.
The Algeta share
* Pr. 31 December 2010. Pr. 10 March 2011 Algeta has 39 433 493 ordinary shares.
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Annual Report 2010
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SHAREHOLDERSAt year-end 2010, Algeta had 4,379 shareholders. Non-Norwegian investors owned approximately 51% of the total stock, of which 22% were from Sweden and 21% from the United Kingdom. Abingworth LLP and HealthCap/Odlander Fredrikson & Co AB were the two largest owners with respectively 17.3% and 17.2% of the shares. Norwegian private owner-ship of Algeta shares was approximately 20%.
LISTINGAlgeta ASA is listed on the Oslo Børs (Oslo Stock Exchange). The Company completed its IPO in March 2007 and the first trading day was 27 March 2007 (ticker: ALGETA). The shares are registered in the Norwegian Central Securities Depository as registrar/issues, and carry the securities number ISIN NO 0010239437.
DIvIDEND POLICYAlgeta has paid no dividend to date. The Company is focused on the development of novel pharmaceutical products and does not anticipate paying any cash dividend in the foreseeable future.
bOARD mANDATESOn 22 April 2010, the Annual General Meeting mandated the board of Algeta to increase the Company’s share capital with up to NOK 2,000,000 equaling up to 4,000,000 shares (approx. 10%). The board of Algeta may decide that the shareholders preferential right to subscribe for new shares is set aside. The authorization also includes capital increase through contribution in kind and the right to charge the company with special obligations (the Public Limited Companies Act I 10-2).
A mandate to increase the Company’s share capital with regards to its existing employee share option plan was also awarded at the Annual General Meeting. The board is mandated to increase the Company’s share capital with up to NOK 1,500,000 through the issue of up to 3,000,000 shares, each with a nominal value of NOK 0.50.
Shareholders No of shares % of tot. Type Country
SHB Stockholm Clients Account 6 921 864 17.5 % Nom. SWE
Bank Of New York Mellon SA/NV 6 365 000 16.1% Nom. GBR
Pictet & Cie Banquiers 1 570 941 4.0% Nom. CHE
Selvaag Invest 1 366 140 3.5% Comp. NOR
Tredje AP-Fonden 1 335 191 3.4% Comp. SWE
Folketrygdfondet 782 220 2.0% Comp. NOR
DnB NOR Norge Selektv (III) 760 711 1.9% Comp. NOR
Vital Forsikring ASA 727 055 1.8% Comp. NOR
Statoil Pensjon 706 096 1.8% Comp. GBR
Advent Private Equity Fund IV 634 204 1.6% Nom. USA
State Street Bank And Trust CO. 594 457 1.5% Comp. NOR
DnB NOR Bank ASA 530 622 1.3% Comp. NOR
Jefferies & CO., INC. 477 800 1.2% Nom. USA
VPF Nordea Kapital 391 797 1.0% Comp. NOR
Delphi Norge 390 000 1.0% Comp. NOR
Holberg Norge 383 000 1.0% Comp. NOR
DnB NOR Norge (IV) 381 929 1.0% Comp. NOR
Delphi Norden 377 500 1.0% Comp. NOR
Storebrand Livsforsikring AS 333 902 0.8% Comp. NOR
DnB NOR SMB 268 062 0.7% Comp. NOR
VPF Nordea Avkastning 260 392 0.7% Comp. SWE
Lucellum AS 260 000 0.7% Comp. NOR
Six Sis AG 260 000 0.7% Nom. CHE
Tycoon Industrier AS 253 567 0.6% Comp. NOR
Skagen Vekst 250 000 0.6% Comp. NOR
KLP Aksje Norge Indeks VPF 233 802 0.6% Comp. NOR
Alden AS 202 000 0.5% Comp. NOR
Avanse Norge (II) 194 114 0.5% Comp. NOR
JPMorgan Chase Bank 193 600 0.5% Nom. USA
Statoil Forsikring AS 190 404 0.5% Comp. NOR
As of 14 February 2011
Largest shareholders
Shareholders origin Citizenship No. of shares % of total No. of investors % of total
NOR 19 312 397 48.87% 4 220 96.46%
SWE 8 588 501 21.73% 19 0.43%
GBR 7 681 324 19.44% 36 0.82%
CHE 1 615 166 4.09% 7 0.16%
USA 1 550 162 3.92% 31 0.71%
LUX 227 003 0.57% 8 0.18%
DEU 202 223 0.51% 11 0.25%
JPN 134 600 0.34% 5 0.11%
IRL 131 900 0.33% 1 0.02%
Other 73 093 0.18% 37 0.85%
Total 39 516 369 100.00% 4 375 100.00%
As of 14 February 2011
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Governance
Both authorizations are valid until the ordinary general meeting in 2011, but will in any event cease to be valid on 30 June 2011.
EmPLOYEE SHARE OPTION PLANIn order to ensure competitive remune-ration and align incentives and compen-sation with shareholders objectives, Algeta ASA has implemented a stock option plan in which all employees participate. The stock option plan also includes board members who have opted to take part of their remuneration in the form of options. The exercise price of the options is equal to the market price of the shares on the date of the grant. As of year-end 2010, there were 2,054,748 options outstanding. Further information regarding the Company’s share option plan has been included in Note 10 to the Financial Statements.
ANNUAL GENERAL mEETINGThe Annual General Meeting is normally held in April or May. Written notice will be sent out to the shareholders individu-ally or to the shareholder’s nominee. The notice will also be made available on the Company’s website in the Investor Relations area. To vote at the general meetings, shareholders must be present and vote in person or by proxy.
ANALYST COvERAGEAlgeta ASA strives to facilitate wide analyst coverage of its share and is covered by the analysts listed below.
SHAREPRICE* 2010 2009 2008
Share price 31.12 NOK 136.00 68.25 7.75
High* NOK 136.00 73.00 35.30
Low* NOK 52.75 7.55 5.88
Change during year NOK 67.75 60.50 (24.12)
Change during year % 99.27 780.65 (75.70)
Change OSEBX % 18.35 64.70 (54.00)
Change OSEHC % (4.10) 27.10 (19.50)
Mcap NOK m 5 374.23 2 687.49 127.96
*Daily closing
LIquIDITY 2010 2009 2008
Turnover volume mill shares 51.41 39.36 3.26
Turnover Year % 126.63 113.93 19.76
Traded value NOK m 4 453.57 2 032.96 58.42
Avg turnover daily volume – No. of shares 204 020 156 818 12 949
Avg daily traded value NOK m 17.67 8.10 0.23
KEY fIGuRES 2010 2009 2008
No. of shares 31.12 39.51 39.37 16.51
Weighted avg No. of shares outstanding, fully diluted 40.60 34.55 16.51
Tax deduction rate % 1.60 1.30 3.80
EPS NOK, basic 0.33 (4.92) (10.51)
EPS fully diluted NOK 0.32 (4.92) (10.51)
P/E 425 NA NA
Cash per share 12.10 13.05 8.05
ISIN NO00010239437 NO00010239437 NO00010239437
Nominal value NOK 0.50 0.50 0.50
Key figures
14 April General Meeting
12 May Presentation of the first quarter results
11 Aug. Presentation of the second quarter results
10 Nov. Presentation of the third quarter results
Financial calendar 2011
Analyst coverageCompany Name of Analyst E-mail addresses
DnB NOR Espen Jørgensen [email protected]
ABG Sundal Collier Erik Hultgård [email protected]
Pareto Securities Thomas Nielsen [email protected]
Terra Markets Jonas Peciulis [email protected]
Edison Robin Davison [email protected]
