The company’s share capital consists of ordinary shares and cumulative preference shares, all of which are registered. Share certificates are not issued. The number of KAS BANK ordinary shares in issue at year-end 2007 was unchanged from year-end 2006 at 15,699,017. Approximately 94% of the ordinary shares in the company’s issued capital was registered in the name of Stichting Administratiekantoor Aandelen KAS BANK, in exchange for which the same number of bearer depositary receipts has been issued. There are 25 cumulative preference shares in issue to the Stichting Preferente Aandelen KAS BANK. The nominal value of KAS BANK shares and depositary receipts is one euro (€ 1.00). The ordinary shares, in the form of depositary receipts, have been listed on the Official Market of the NYSE Euronext Amsterdam N.V. stock exchange since 1986.
Dividend policy
The dividend policy, which was discussed by the 2005 General Meeting of Shareholders, is unchanged. A long-term pay-out averaging 60-80% of the profit is still our attainable target, while maintaining adequate flexibility in exceptional circumstances.
5%-holdings
The following institutions have given notification of holdings of 5% or more in KAS BANK pursuant to the Financial Supervision Act and the Decree on Disclosure of Control and Major Holdings in Listed Companies.
- Aviva plc. 12.7%
- Stichting Pensioenfonds PGGM 11.0%
- Delta Deelnemingen Fonds N.V. 10.0%
- ING Groep N.V. 8.3%
- Stichting Pensioenfonds ABP 6.9%
- Minefa Holdings B.V. 5.2%
- Andringa Beheer B.V. 5.0%