3. Equity and dividend
NextGenTel will at all times strive to have an equity level adapted to the company’s goals, strategies and risk profile.
NextGenTel’s dividend policy is to distribute the maximum possible dividend to its shareholders given the prevailing legal framework, financial covenants and investment plans. The level of dividend may vary over time, determined by the company’s evaluation of expected cash flows, acquisition opportunities and satisfactory financial flexibility. Dividends will be distributed annually or quarterly, depending on the circumstances. To support the company's dividend policy, the annual general meeting on 20 April 2017 renewed an authorization to the board to distribute additional dividends (quarterly). This authority remains in force until and including the next ordinary general meeting, however no longer than for 18 months.
The annual general meeting on 20 April 2017 gave the board a proxy to increase the share capital by up to NOK 232,832 to be used for i) consideration in acquisitions and strategic investments and/or for ii) capital increases done to provide necessary financing for the company's business. The share capital may in addition be increased by up to NOK 65,000 in connection with the company's incentive and option programs, including the allocation of 200,000 share options to the Chairman. This authority remains in force until and including the next ordinary general meeting, however no longer than for 18 months.
Purchase of treasury shares
The company’s articles of association do not govern the ability to purchase treasury shares or issue shares. This is governed through decisions by the general meeting and the Norwegian Securities Trading Act. The general meeting on 20 April 2017 also granted the board of directors authority to purchase own shares at an aggregate face value of NOK 232,831 (equal to 10 per cent of total outstanding share capital). This authority remains in force until and including the next ordinary general meeting, however no longer than for 18 months. The shares shall be acquired at an amount per share of between NOK 0.1 and the market price plus 10% of the market price, maximum NOK 100.