Targeted new share issue in Skanska
The Board of Directors of Skanska AB decided to exercise the authority granted by the extraordinary meeting of shareholders on May 23, 1997 to implement a new issue of Series B shares, with a deviation from shareholders’ preferential rights of subscription. The new issue was subscribed by the Swedish National Pension Insurance Fund, Fourth Fund Board.
TARGETED NEW SHARE ISSUE IN SKANSKA
The Board of Directors of Skanska AB decided to exercise the authority granted by the extraordinary meeting of shareholders on May 23, 1997 to implement a new issue of Series B shares, with a deviation from shareholders’ preferential rights of subscription. The new issue was subscribed by the Swedish National Pension Insurance Fund, Fourth Fund Board.The aim of the new share issue is to enable the Company to raise an amount at least equivalent to the sum by which its capital stock will be reduced as a result of the upcoming share redemption, i.e. SEK 10 per redeemed share.
The new issue price has been set at SEK 345.32 per share, which is the average volume-weighted price paid for a Skanska Series B share during the period July 9-15, 1997.
The number of newly issued shares totaled 359,922. This means that Skanska raised SEK 124,288,265.
The Board also decided to propose to the extraordinary meeting of shareholders on August 4, 1997 that the final amount of the capital stock reduction be SEK124,288,140. The total redemption amount, based on shares submitted in response to the voluntary share redemption offer, is SEK 4,971,525,600. In addition, the Board decided to propose that the meeting adopt a resolution approving a bonus issue increasing the par value of each Skanska share from SEK 10 to SEK 12, as well as adopt a resolution approving the amendments to the corporate by-laws necessitated by the redemption offer and the targeted new share issue. These steps will restore Skanska’s capital stock, thereby simplifying the redemption process.
Danderyd, July 18, 1997
SKANSKA AB
Group Public Affairs
Lennart Hallberg
For further information, please contact:
Mr Mikael Ekdahl, Secretary to the Board, Skanska AB, tel. +46 8 753 88 00.
This and previous releases are also available on http://www.skanska.se