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Information regarding Drott

4/7/1998 12:00 AM CET
Press release

Today, Skanska received the following proposal from two of its shareholders, Custos and Industrivärden, to be addressed at Skanska's Annual General Meeting on April 29, 1998.

PRESS RELEASE, APRIL 7, 1998                              26/98

INFORMATION REGARDING DROTT

Today, Skanska received the following proposal from two of its shareholders, Custos and Industrivärden, to be addressed at Skanska's Annual General Meeting on April 29, 1998.

"Custos and Industrivärden, who combined own 10% of the capital representing 40% of the number of votes of all shares in Skanska, propose, in accordance with the Board´s proposal, the distribution of all shares in Drott to the shareholders. However, in this respect, each Series A share in Skanska shall carry entitlement to one share in Drott with ten votes and each Series B share in shall carry entitlement to one share in Drott with one vote. In order to make this possible, the Annual General Meeting shall assign the Board in Skanska to ensure that the necessary voting rights differentiation is established in Drott. In addition, Custos and Industrivärden propose that Annual General Meeting assign the Board in Skanska to ensure, prior to the proposed record date below, that Drott obtains a suitable capital structure from a value standpoint. Accordingly, the distribution amount which the shares in Drott represent may not exceed SEK 5,127,709,821 of Skanska's disposable funds. In determining the capital structure, the Board shall consider the possibility of deciding at a Special General Meeting on the redemption of shares in Skanska for the purpose of achieving the intended value transfer to Skanska's shareholders. Custos and Industrivärden propose that Skanska's Board be assigned to determine the record date for the distribution of shares in Drott, which shall occur not later than August 30, 1998."

The Board of Skanska previously decided on proposing to the Annual General Meeting the distribution to the shareholders of a subsidiary - Drott - with only one class of share and with a debt-free property portfolio valued at about SEK 10 billion. This decision remains valid.

 

Danderyd, Sweden
April 7, 1998

SKANSKA AB
Group Corporate Communications

 


For further information, contact: Cecilia Schön, Senior Vice President Corporate Communications Tel +46 8 753 87 99.