The motive for the introduction to the stock exchange market was primarily to give the company, with substantial sales on the home market, the attention and PR value that a listed company obtains.

Secondly, the motive was that the family share holders subsequently could choose to reduce their share of the group. Since the introduction to the stock exchange the group has chosen to refrain from collecting capital out of the stock exchange.

The stable earnings and positive flow of money of the group have allowed repurchase of own stock since the middle of the nineties. In the period up to the expiration of the financial year 2003/04 the group has repurchased 836.320 own shares, equivalent to 21,6% of the original share capital. The group has on average paid price DKK 208,5 . The acquired own shares have continuously been wrote down to DKK 0,00 and have been used twice for writing down the share capital when the treasury stock came close to 10%. End of the financial year 2003/04 the treasury stock of the group forms a total of 135.070 shares with a purchase price of DKK 265,5 a piece on average. It is expected to be used for a future additional writing down of the capital.

The motive for repurchase of shares - except from the fact that the Management has found the investment to be favourable compared to alternative placing of excess liquidity - has been to guarantee the long-term shareholders of the group that a buyer has always been on the market, even in periods with small demand.

It is continuously the intention to be listed on Copenhagen Stock Exchange as the Management is of the opinion that the stock-exchange listing contributes to the marketing, provides professionalism in the work of management and board, credibility, and makes Flügger an attractive place to work.

The Flügger price as per 30 April for DKK 20 shares since the introduction to the stock exchange in the autumn of 1983.