Skanska’s extraordinary meeting of shareholders approved capital transfer
Skanska’s extraordinary meeting of shareholders in Danderyd today approved the proposal of the Board of Directors for a transfer of excess capital to the shareholders by means of a voluntary share redemption. The meeting decided to offer shareholders a redemption of every tenth share in Skanska AB. The redemption price was fixed at SEK 400 and the date of record will be May 28. Provided that all shareholders take advantage of the redemption offer, about SEK 5 billion will be transferred to the shareholders.
SKANSKA’S EXTRAORDINARY MEETING OF SHAREHOLDERS APPROVED CAPITAL TRANSFER
Skanska’s extraordinary meeting of shareholders in Danderyd today approved the proposal of the Board of Directors for a transfer of excess capital to the shareholders by means of a voluntary share redemption. The meeting decided to offer shareholders a redemption of every tenth share in Skanska AB. The redemption price was fixed at SEK 400 and the date of record will be May 28. Provided that all shareholders take advantage of the redemption offer, about SEK 5 billion will be transferred to the shareholders.
For each share in Skanska, shareholders will receive one redemption right. Ten redemption rights will entitle the holder to redeem one Skanska share of either Series A or Series B during the application period June 3-July 2. As a service to small shareholders, Skanska is offering each shareholder the opportunity to sell up to 1,000 redemption rights free of any stock brokerage commission during the period June 3-13. Trading in redemption rights will take place on the Stockholm Stock Exchange from June 3 to June 27, and payment for redeemed shares is expected to be disbursed around August 27.
Today’s extraordinary meeting of shareholders also resolved to authorize the Board, no later than August 15, to approve a new issue of Series B shares, with a deviation from shareholders’ preferential rights of subscription, on market terms with a total par value not to exceed SEK 126 million. The intention is to target this new share issue to the Swedish National Pension Insurance Fund, Fourth Fund Board.
The implementation of the redemption offer is conditional upon and presupposes:
1) that an extraordinary meeting of shareholders in Skanska AB, which is planned for August 4, will adopt the necessary resolution to reduce the capital stock as a consequence of the redemption offer,
2) that the Board will exercise its authority as provided above,
3) that the Company will thereby receive proceeds from the new share issue totaling at least the reduction amount,
4) that the extraordinary meeting will adopt a resolution approving a bonus issue increasing the par value of each Skanska share from SEK 10 to SEK 12,
5) that the meeting will adopt a resolution approving the requisite amendments to the corporate by-laws and
6) that these decisions will be registered with the Swedish Patent and Registration Office.
An information brochure about the redemption offer will be published in late May and distributed together with a redemption application form to the shareholders of Skanska AB in early June. These documents will also be available at the branches of Skandinaviska Enskilda Banken from June 3.
Danderyd, May 23, 1997
SKANSKA AB
Group Public Affairs
This and previous releases are also available on http://www.skanska.se