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Broke his piggy bank to buy shares

May 12, 2005, 14:10 CEST

Inspired by Uncle Scrooge, 10-year-old Olav Tørres Skjesol broke his piggy bank and bought 15 shares in Statoil ASA. He then wrote to chief executive Helge Lund to say he was coming to the group's AGM.

On Wednesday 11 May the youngster from Flekkerøy in southern Norway travelled to Stavanger with his mother to take his seat among the shareholders present at the annual general meeting.

In his letter of reply to Olav, chief executive Helge Lund had written: "I'm impressed that you show an interest in shares at such an early age, and delighted that you decided to buy Statoil shares. I'll do my best to ensure that this will be a good investment for you."

On Wednesday they met in Stavanger and had a chance to chat, both before and after the AGM. Olav also met chair of the board Jannik Lindbæk, deputy chair Kaci Kullman Five and Anne Kathrine Slungård, who is chair of the corporate assembly.

Olav told the chief executive that Statoil is the only company in which he has bought shares. The young investor chose Statoil because he is confident that it will not go into liquidation.

But Mr Lund still advised young Olav not to spend more money on shares than he could afford to lose. The youngster calmly replied that he had no intention of taking on more risk than he could bear, and then explained that in addition to keeping an eye on his shares, he would still have plenty of time for homework and football.

So what did he think of his first AGM?

"It was just fine," replied the young investor. He followed the presentations given by the board chair, the chief executive and auditor carefully. He admitted that they used some words which were rather difficult, but reckons he will be able to understand them as he grows a bit older.