Over a five-year period, the market price performance of the Lagercrantz share shows a gain of 5 percent. The broad OMX Stockholm Price Index fell during the same period by 6 percent, and the benchmark Carnegie Small Cap Index scored a gain of 4 percent. During this five-year period the highest price was SEK 42.80, in July 2007. This is the highest quotation since the Company was listed in September 2001. The lowest price was SEK 16.50, in November 2004. The share price on 31 March 2009 was SEK 23.50 (28.80). The trend during the 2008/09 financial year (April–March) involved a drop of 20 percent (13). During the same period OMX Stockholm Price Index fell by 45 percent (22) and Carnegie Small Cap Index, which shows the aggregate development for smaller companies, fell by 38 percent (19).
Lagercrantz, with a market capitalisation of approximately MSEK 546 at the end of March 2009, is included in the Small Cap segment for companies with a market capitalisation below EUR 100 million on Nasdaq OMX Stockholm’s main list.
PROPOSAL TO THE 2009 ANNUAL MEETING
The dividend proposed by the Board of Directors for the 2008/09 financial year is SEK 1.50 (1.50) per share. This is equivalent to a total dividend payment of MSEK 33 (34).
TRADING IN THE SHARE ON THE STOCK EXCHANGE
The number of shares traded during the financial year was just over 4.4 million (9.8), equivalent to a value of MSEK 115 (327). The turnover rate for free floating shares was 24 percent (51). The average rate of turnover in the Small Cap segment during 2008 was 35 percent (74). The number of transactions per day in the Lagercrantz share was 14 (19) per trading day.
SHARE CAPITAL
As of 31 March 2009 the share capital amounted to MSEK 48.9, divided into 1,094,654 class A shares and 22,078,655 class B shares. Each share has a quotient value of SEK 2.11. Class A shares entitle their holders to ten votes, while class B shares entitle their holders to one vote. Both classes of shares entitle their holders to the same rights with respect to the Company’s assets and earnings. The Articles of Incorporation allow for conversion of class A shares to class B shares. A total of 1,344 shares (-) were converted during the year. The number of votes in the Company is 33,025,195 thereafter.
The 2008 Annual Meeting resolved to cancel class B shares without repayment. During 2008 a total of 1,240,923 class B shares were cancelled. Through a concurrent bonus issue of just over MSEK 2.5, the share capital remains intact.
REPURCHASE OF OWN SHARES
The 2008 Annual Meeting resolved to authorize the Board of Directors to repurchase shares. During the year 500,000 (1,200,000) class B shares were repurchased. Lagercrantz Group’s total holding of shares in treasury on 31 March was 1,195,000 (1,36,423) class B shares, equivalent to 5.2 percent (7.9) of the number of shares outstanding and 3.6 percent (5.6) of the votes in Lagercrantz. 695,500 of the repurchased shares are intended to fulfil the Company’s commitment under outstanding option programmes, where the redemption price is SEK 36.00, SEK 44.40 and SEK 38.60, respectively, per call option. The average acquisition price for repurchased shares is SEK 25.57 per share.
INCENTIVE PROGRAMME
In 2006 an incentive programme was introduced for managers and members of senior management in the Group in accordance with an Annual Meeting resolution. The purpose of the programme is to raise the motivation and create participation for managers and members of senior management regarding opportunities for the Company’s development. The purpose is also to motivate managers and members of senior management to continued employment in the Group. The programme is a revolving three-year programme based on call options on class B shares held in treasury. The total number of outstanding call options issued under the programme may at no time exceed approximately three percent of the total number of shares outstanding (class A as well as class B shares). The 2006 Annual Meeting resolved to award 255,000 call options and the 2007 Annual Meeting resolved to award 260,000 call options. The 2008 Annual Meeting resolved to award 180,500 additional call options. The programmes were fully subscribed. Each option gives its holder the right to purchase one share at a redemption price of SEK 36.00 (2006 programme), SEK 44.40 (2007 programme) and SEK 36.80 (2008 programme, respectively. The options can be exercised between 20 September and 20 December 2009 (2006 programme), 21 September 2010 and 21 December 2010 (2007 programme) and between 27 September and 27 December 2011 (2008 programme). In all, the programme is equivalent to 3 percent of the total number of shares outstanding and approximately 2 percent of the votes in the Company.
OWNERS
Skandia Liv is the Company’s largest owner in terms of proportion of capital. Anders Börjesson and Tom Hedelius own class A as well as class B shares and hold 13.4 percent and 11.4 percent of the votes, respectively. During the past year Swedbank Robur fonder acquired Carnegie fonder. Robur thereby increased its ownership in Lagercrantz. The proportion of foreign ownership was 25.3 percent (26.7) on the balance sheet date. The number of shareholders changed marginally during the year and as of 31 March 2009 Lagercrantz had 3,497 shareholders (3 614).
INFORMATION PROVIDING
Lagercrantz Group provides information about important events in the Company by publishing press releases. The Company also provides financial information in the form of quarterly reports. Press releases and quarterly reports are available at the Company’s website, where economic surveys and current corporate governance information are also published. At the website it is also possible to download pdf-files for printout to subscribe to press information via e-mail. There is also a list of analysts who follow Lagercrantz Group.
The Annual Report, interim reports and press releases are made immediately available in Swedish and English via Lagercrantz Group’s website. They are simultaneously distributed via an established service provider and registered with the Swedish Financial Supervisory Authority. In the opinion of the Company this is the procedure that best fulfils the requirements of the EU directive about non-discriminatory dissemination and immediate European availability. As a consequence hereof the reports are not distributed in printed form other than upon request.
Market price performance and trading volume 1 year
Market price performance and trading volume 5 years
Share facts
| Shortname | LAGR B |
|---|---|
| ID | SSE14335 |
| ISIN code | SE0000808396 |
| Segment | Small Cap |
| Sector | 45203030 Technology Distributors |
| Listed since | 3 September 2001 |
Ownership structure in Lagercrantz Group 31 March 2009
| Number of shares | Number of owners | Stake | Votes |
|---|---|---|---|
| 1–500 | 1,980 | 1,.9% | 1.3% |
| 501–1,000 | 634 | 2.5% | 1.7% |
| 1,001–10,000 | 759 | 11.1% | 9.1% |
| 10,001–50,000 | 78 | 7.7% | 6.5% |
| 50,001–100,000 | 18 | 6.1% | 4.7% |
| 100,001– | 28 | 70.6% | 76.6% |
| Total | 3,497 | 100.0% | 100.0% |
|
|
|
|
|
| Legal entities | 381 | 58.9% | 42.4% |
| Individuals | 3,116 | 41.1% | 57.6% |
| Total | 3,497 | 100.0% | 100.0% |
| Of whom Swedish residents | 3,343 | 74.7% | 82.5% |
Largest owners in Lagercrantz Group 31 March 2009
| Owners | A shares | B shares | Stake | Votes |
|---|---|---|---|---|
| Anders Börjesson with family | 377,982 | 402,500 | 3.6% | 13.1% |
| Tom Hedelius with family | 362,982 | 5,400 | 1.7% | 11.4% |
| Pär Stenberg | 229,152 | 919,122 | 5.2% | 10.1% |
| Skandia Liv |
|
2,436,041 | 11.1% | 7.7% |
| Swedbank Robur Fonder |
|
2,283,513 | 10.4% | 7.2% |
| Odin Fonder |
|
1,810,503 | 8.2% | 5.7% |
| Nordea Bank Finland |
|
1,505,522 | 6.9% | 4.7% |
| Brita Säve, estate | 30,000 | 973,983 | 4.6% | 4.0% |
| Aktia Sparbank |
|
752,500 | 3.4% | 2.4% |
| Marianne Rapp |
|
716,000 | 3.3% | 2.2% |
| Länsförsäkringar Fonder |
|
712,751 | 3.2% | 2.2% |
| Stiftelsen för kunskaps och kompetensutveckling |
|
400,000 | 1.8% | 1.3% |
| Björn Nordenwall |
|
270,000 | 1.2% | 0.8% |
| Annika Wendell | 15,000 | 100,000 | 0.5% | 0.8% |
| Kronprissessan Margaretas Minnesfond | 17,476 | 75,000 | 0.4% | 0.8% |
| Citibank |
|
233,635 | 1.1% | 0.7% |
| Mörner family |
|
221,070 | 1.0% | 0.7% |
| Handelsbanken Fonder |
|
205,751 | 0.9% | 0.6% |
| Matern family |
|
200,806 | 0.9% | 0.6% |
| Nordic Small Cap |
|
149,962 | 0.7% | 0.5% |
| Total, 20 largest owners | 1,032,592 | 14,374,059 | 70.1% | 77.6% |
| Total, other owners | 62,062 | 6,509,096 | 29.9% | 22.4% |
| Total, not including repurchased shares | 1,094,654 | 20,883,155 | 100.0% | 100.0% |
| Lagercrantz Group (shares held in treasury) |
|
1,195,500 |
|
|
| Total | 1,094,654 | 22,078,655 |
|
|
Evolution of share capital
|
|
Event | Change number |
Number of shares |
Proportion of capital, % |
Number of votes |
Proportion of votes, % |
|---|---|---|---|---|---|---|
| Class A |
|
|
|
|
|
|
| Opening balance |
|
|
1,840,286 | 7% | 18,402,860 | 41% |
| 2001/02 | Conversion A to B shares | -725,464 | 1,114,822 | 4% | 11,148,220 | 29% |
| 2002/03 | Conversion A to B shares | -8,320 | 1,106,502 | 4% | 11,065,020 | 29% |
| 2003/04 | Conversion of repurchased shares |
|
1,106,502 | 4% | 11,065,020 | 31% |
| 2003/04 | Conversion A to B shares | -4,692 | 1,101,810 | 4% | 11,018,100 | 31% |
| 2004/05 | Conversion A till B shares | -4,468 | 1,097,342 | 4% | 10,973,420 | 31% |
| 2005/06 | Cancellation of repurchased shares |
|
1,097,342 | 4% | 10,973,420 | 32% |
| 2006/07 | Conversion A to B shares | -1,344 | 1,095,998 | 4% | 10,959,980 | 32% |
| 2008/09 | Cancellation of repurchased shares |
|
1,095,998 | 5% | 10,959,980 | 33% |
| 2008/09 | Conversion A to B shares | -1,344 | 1,094,654 | 5% | 10,946,540 | 33% |
| Class B |
|
|
|
|
|
|
| Opening balance |
|
|
26,023,946 | 93% | 26,023,946 | 59% |
| 2001/02 | Conversion A t to ill B shares | 725,464 | 26,749,410 | 96% | 26,749,410 | 71% |
| 2002/03 | Conversion A to B shares | 8,320 | 26,757,730 | 96% | 26,757,730 | 71% |
| 2003/04 | Conversion of repurchased shares | -1,950,000 | 24,807,730 | 96% | 24,807,730 | 69% |
| 2003/04 | Conversion A to B shares | 4,692 | 24,812,422 | 96% | 24,812,422 | 69% |
| 2004/05 | Conversion A to B shares | 4,468 | 24,816,890 | 96% | 24,816,890 | 69% |
| 2005/06 | Cancellation of repurchased shares | -1,500,000 | 23,316,890 | 96% | 23,316,890 | 68% |
| 2006/07 | Conversion A to B shares | 1,344 | 23,318,234 | 96% | 23,318,234 | 68% |
| 2008/09 | Cancellation of repurchased shares | -1,240,923 | 22,077,311 | 95% | 22,077,311 | 67% |
| 2008/09 | Conversion A to B shares | 1,344 | 22,078,655 | 95% | 22,078,655 | 67% |
