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23. Share capital and shares          
               
Movements in the number of shares:            
('000)       Number of
A shares
Number of
B shares
Total
               
At 31 December 2009       6,000 78,255 84,255
At 31 December 2010       6,000 78,255 84,255
Conversion         -250 250 0
At 31 December 2011       5,750 78,505 84,255
               
CapMan Plc has two series of shares, A (10 votes) and B (1 vote). The shares have no nominal value. The total authorised number of ordinare shares is A 156,000,000 and B 156,000,000. All issued shares are fully paid.
               
€ ('000)     Share capital Share premium account Other reserves Total
               
At 31 December 2009     772 38,968 37,347 77,087
Options         1,332 1,332
At 31 December 2010     772 38,968 38,679 78,419
               
At 31 December 2011     772 38,968 38,679 78,419
               
Other reserves            
Other reserves include granted stock option subscription rights. The stock option programs are presented in Table 30. Share-based payments. The hybrid bond, €29 million, is included in other reserves under equity in the balance sheet. The coupon rate for the bond is 11.25% p.a. The interest on the bond is payable semi-annually and has been deducted from equity.
The bond has no maturity but the company may call the bond on 18 December 2013.
               
Translation difference            
The foreign currency translation reserve includes translation differences arising from currency conversion in the closing of the books for foreign units.
               
Dividends paid and proposal for profit distribution          
A dividend of €0.12 per share, total €10.1 million, was paid for the year 2010. The dividend was paid to shareholder on 11 April 2011. (A dividend of €0.04 per share, totalling €3.4 million in all, was paid for 2009.) The Board of Directors will propose to the Annual General Meeting to be held on 14 March 2012 that a dividend of €0.07 per share, representing a total of €5.9 million, be paid for 2011.
               
Redemption obligation clause          
A shareholder whose share of the entire share capital or the voting rights of the Company reaches or exceeds 33.3 per cent or 50 per cent has, at the request of other shareholders, the obligation to redeem his or her shares and related securities in accordance with the Articles of Association of CapMan Plc.
               
In addition there is a redemption clause pertaining to the transfer of CapMan Plc A shares. If an A share is transferred to a new shareholder who does not already own A shares in the Company, the other shareholders of A shares have the right to redeem the shares under transfer in accordance with the conditions outlined in the Company’s Articles of Association.
               
               
Ownership and voting rights agreements            
As at 31 December 2011 CapMan Plc had no knowledge of agreements or arrangements, related to the Company's ownership and voting rights, that were apt to have substantial impact on the share value of CapMan Plc.
               
Distribution of A and B shareholdings by number of shares and sector as at 31 December 2011    
               
Shareholding Number of holdings % Number of shares % Number of votes %
1 – 100 973 17.19 % 45,576 0.05 % 45,576 0.03 %
101 – 1 000 2,644 46.72 % 1,421,005 1.69 % 1,421,005 1.04 %
1 001 – 10 000 1,769 31.26 % 5,819,600 6.90 % 5,819,600 4.28 %
10 001 – 100 000 216 3.82 % 5,497,419 6.52 % 6,059,919 4.45 %
100 001 – 57 1.01 % 71,479,407 84.81 % 122,666,907 90.18 %
Total 5,659 100.00 % 84,263,007 99.98 % 136,013,007 99.99 %
Nominee registered 10   15,547,726   15,547,726  
               
On the book-entry register
joint account
    18,759 0.02 % 18,759 0.01 %
Total shares outstanding       84,281,766   136,031,766  
               
               
Sector Number of holdings % Number of shares % Number of votes %
Corporations 282 4.98 % 26,737,591 31.72 % 78,487,591 57.70 %
Financial and insurance corporations 16 0.28 % 20,401,488 24.21 % 20,401,488 15.00 %
Public sector institutions 6 0.11 % 16,065,032 19.06 % 16,065,032 11.81 %
Households 5,301 93.67 % 14,758,041 17.51 % 14,758,041 10.85 %
Non-profit organisations 31 0.55 % 3,640,614 4.32 % 3,640,614 2.68 %
European Union 18 0.32 % 1,084,599 1.29 % 1,084,599 0.80 %
Other countries and international organisations 5 0.09 % 1,575,642 1.87 % 1,575,642 1.16 %
Total 5,659 100.00 % 84,263,007 99.98 % 136,013,007 99.99 %
Nominee registered 10   15,982,840 18.96 % 15,982,840 11.75 %
               
On the book-entry register joint account     18,759 0.02 % 18,759 0.01 %
Total shares outstanding     84,281,766 100.00 % 136,031,766 100.00 %
               
Source: Finnish Central Securities Depository Ltd, as at 31 December 2011. Figures are based on the total number of shares 84,281,766 and total number of shareholders 5,659. There are 5,750,000 A shares, which are owned by companies under control or authority of CapMan Plc’s Senior Partners. A shares are included in Corporations in the sector breakdown. All A share shareholders are presented in the CapMan's largest shareholders as at 31 December 2011 table. CapMan Plc had 26,299 B shares as at 31 December 2011.
               
   
CapMan's largest shareholders as at 31 December 2011  
               
  Number of A shares Number of B shares Total number of shares Proportion of shares, % Number of votes Proportion of votes, %
Keskinäinen Eläkevakuutusyhtiö Ilmarinen   7,178,500 7,178,500 8.52 % 7,178,500 5.28 %
Aristo Invest Oy + Ari Tolppanen* 2,161,046 4,832,498 6,993,544 8.30 % 26,442,958 19.44 %
Oy Aristo Invest Ab 2,161,046 4,631,970 6,793,016 8.06 % 26,242,430 19.29 %
Ari Tolppanen   200,528 200,528 0.24 % 200,528 0.15 %
Winsome Oy + Tuomo Raasio* 832,197 2,920,873 3,753,070 4.45 % 11,242,843 8.26 %
Winsome Oy 832,197 2,867,129 3,699,326 4.39 % 11,189,099 8.23 %
Tuomo Raasio   53,744 53,744 0.06 % 53,744 0.04 %
Keskinäinen työeläkevakuutusyhtiö Varma   3,675,215 3,675,215 4.36 % 3,675,215 2.70 %
Vesasco Oy   3,375,158 3,375,158 4.00 % 3,375,158 2.48 %
Heiwes Oy + Heikki Westerlund* 1,253,896 1,718,260 2,972,156 3.53 % 14,257,220 10.48 %
Heiwes Oy 1,253,896 1,440,584 2,694,480 3.20 % 13,979,544 10.28 %
Heikki Westerlund   277,676 277,676 0.33 % 277,676 0.20 %
Geldegal Oy + Mom Invest Oy (Olli Liitola**) 1,144,984 1,422,103 2,567,087 3.05 % 12,871,943 9.46 %
Geldegal Oy 1,144,984 908,359 2,053,343 2.44 % 12,358,199 9.08 %
Mom Invest Oy   513,744 513,744 0.61 % 513,744 0.38 %
Valtion Eläkerahasto   2,500,000 2,500,000 2.97 % 2,500,000 1.84 %
Yksityismetsätalouden eläkekassa Verso   2,411,209 2,411,209 2.86 % 2,411,209 1.77 %
Stiftelsen för Åbo Akademi   2,000,000 2,000,000 2.37 % 2,000,000 1.47 %
OP-Suomi Pienyhtiöt-sijoitusrahasto   1,945,592 1,945,592 2.31 % 1,945,592 1.43 %
Joensuun Kauppa ja Kone Oy   1,737,432 1,737,432 2.06 % 1,737,432 1.28 %
Svenska litteratursällskapet i Finland r.f.   1,050,000 1,050,000 1.25 % 1,050,000 0.77 %
Guarneri Oy + Petri Saavalainen* 201,627 809,302 1,010,929 1.20 % 2,825,572 2.08 %
Guarneri Oy 201,627 494,414 696,041 0.83 % 2,510,684 1.85 %
Petri Saavalainen   314,888 314,888 0.37 % 314,888 0.23 %
Icecapital Pankkiiriliike Oy   903,124 903,124 1.07 % 903,124 0.66 %
Norum Russia Carry Limited (Hans Christian Dall Nygård**, Knut J. Borch**, Alberto Morandi**)   888,568 888,568 1.05 % 888,568 0.65 %
Sijoitusrahasto Taalerintehdas Arvo Markka Osake   800,000 800,000 0.95 % 800,000 0.59 %
Nordea Henkivakuutus Suomi Oy   745,000 745,000 0.88 % 745,000 0.55 %
Jensen Leif   699,469 699,469 0.83 % 699,469 0.51 %
J.L. Simonsen Holding Ab (Lennart Simonsen**) 31,250 500,000 531,250 0.63 % 812,500 0.60 %
Total 5,625,000 42,112,303 47,737,303 56.64 % 98,362,303 72.31 %
               
Nominee registered   15,547,726 15,547,726   15,980,840 11.75 %
Shareholdings of management and employees*** 5,625,000 15,467,457 21,092,457 25.03 % 71,717,457 52.72 %
               
Below is a list of flagging notifications taht CapMan Plc has received in year 2011.      
An up-date information of all flagging notifications can be found at www.capman.com.    
               
Two flagging notifications were issued during the year. In October, a flagging notification was issued due to the following changes in ownership and/or voting rights: Ilmarinen Mutual Pension Insurance Company’s holding exceeded 5% of the shares and the voting rights, Oy Aristo-Invest Ab’s and its controlling shareholder Ari Tolppanen’s combined number of shares in CapMan Plc fell below 10% and their combined share of voting rights exceeded 20%, Heikki Westerlund’s and Heiwes Oy’s combined share of the voting rights exceeded 10%, and CapMan Partners B.V.’s share of the share capital decreased below 5% and voting rights decreased below 20%. In December a flagging announcement was issued when Oy Aristo-Invest Ab and its controlling shareholder Ari Tolppanen’s combined share of voting rights decreased below 20%. In addition, in early January 2012, CapMan disclosed a flagging notification related to Legg Mason, Inc.’s shareholding decreasing below 5% on 28 December 2011.
               
* Employed by CapMan.            
** CapMan employee who exercises controlling power in the aforementioned company but who does not own CapMan shares directly.
*** Shareholders among the 100 largest shareholders of the Company.