The Tinius Trust
The Tinius Trust was established by Tinius Nagell-Erichsen in a deed of gift on 8. May 1996 and has a basic capital of NOK 42,862,184. Nagell-Erichsen transferred the 4 voting shares in Blommenholm Industrier AS to the Trust on 5.May 2006. Blommenholm Industrier owns 27.0 per cent of the shares in Schibsted ASA and is the company’s largest shareholder. The Tinius Trust thus manages the largest block of shares in the Schibsted Group. Amendments to Schibsted ASA’s Articles of Association require a three quarters majority, and according to the Articles of Association no shareholder can own or vote for more than 30 per cent of the shares. Schibsted ASA’s Articles of Association also ensure that important decisions made by the Group’s subsidiaries require the support of three quarters of the votes cast at the General Meeting of Schibsted ASA. As long as the Trust owns more than 25.0 per cent of the shares outstanding, these provisions give the Trust considerable influence over the ownership of Schibsted. Nagell-Erichsen stated that he wanted to use this influence to ensure that Schibsted remains a media group characterised by free, independent editorial staffs, credibility and quality and with long-term, healthy financial developments. This is also stipulated in the Trust’s Articles of Association.