On the basis of the closing price of AM NV shares on the ex-dividend date of 16 May 2005, the stock dividend ratio has been fixed at one new share for every 19 existing shares held.
AM NV's dividend for the 2004 financial year is 0.43 per ordinary share of 0.10 nominal value, payable at the shareholder's option in cash or in AM NV ordinary shares, less 25% dividend tax. If the shareholder opts for payment in shares, the dividend less 25% dividend tax will be converted into new AM NV shares.
The ratio between the stock dividend and the cash dividend is chosen such that the value of the stock dividend is fractionally higher than the cash dividend. It was erroneously announced on 13 May that the ratio would be one new share for every 20 existing shares. Because this would have been fractionally lower than the cash dividend, the ratio has now been fixed at 1:19.