Skanska to redeem 12,428,814 shares
After the completion of the application period for Skanska’s voluntary share redemption offer, the owners of 34,330 Series A shares and 12,394,484 Series B shares had applied for a redemption. This is equivalent to 98.7 percent of all shares eligible for redemption and it is equivalent to 9.9 percent of the total number of shares and 6.1 percent of the voting power in Skanska.
SKANSKA TO REDEEM 12,428,814 SHARES
After the completion of the application period for Skanska’s voluntary share redemption offer, the owners of 34,330 Series A shares and 12,394,484 Series B shares had applied for a redemption. This is equivalent to 98.7 percent of all shares eligible for redemption and it is equivalent to 9.9 percent of the total number of shares and 6.1 percent of the voting power in Skanska.
Based on the redemption price of SEK 400 per share, the total redemption amount will be SEK 4,971,525,600. This will reduce the capital stock of the company by SEK 124,288,140.
Payment for redeemed shares is expected to be disbursed around August 27, 1997.
The implementation of the redemption process is, however, conditional upon and presupposes:
1) that an extraordinary meeting of shareholders on August 4, 1997 will adopt the necessary resolution to reduce the capital stock as a consequence of the redemption offer,
2) that the Board of Directors will exercise its authority to implement a targeted new share issue – to be subscribed by the Swedish National Pension Insurance Fund, Fourth Fund Board – totaling at least the amount of the reduction in capital stock,
3) 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,
4) that the meeting will adopt a resolution approving the requisite amendments to the corporate by-laws and
5) that the above-mentioned decisions will be registered with the Swedish Patent and Registration Office.
Danderyd, July 10, 1997
SKANSKA AB
Group Public Affairs
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