The Board of Directors of AB Electrolux has decided to propose that the Annual General Meeting authorize the Board during the period up to the next Annual General Meeting to decide upon acquisition and sale of the Company’s own shares of series A and series B.
The intention is among other things to continuously be able to adapt the capital structure to the needs of the Company, thereby contributing to increased shareholder value, or in connection with financing of potential company acquisitions.
The proposal stipulates that a maximum of 10 per cent of the total number of shares may be acquired, and that sale may be effected with respect to shares held by the Company. Both acquisition and sale would be implemented through offers directed to all shareholders, or by transactions on any stock exchange or regulated market where the Company’s shares are quoted.
Sales may also be made in connection with company acquisitions with deviation from the preferential rights of shareholders. Payment for shares sold may be made in cash, in kind, or by offsetting of claims against the Company.
Shares may be acquired or sold through transactions on a stock exchange or regulated market where the Company’s shares are quoted only at a price per share within the at each time registered interval between the highest buying price and the lowest selling price.
In order to cost-effectively meet Electrolux’ obligations under the Company’s 1998 and 1999 incentive programs, the Board has also decided to propose that the Annual General Meeting decide on selling Company shares within the framework of these programs.
“Electrolux is the world’s largest producer of powered appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chain saws, lawn mowers, and garden tractors. In 1999, Group sales were SEK 119,5 billion and the Group had 93,000 employees. Every year, customers in more than 150 countries buy more than 55 million Electrolux products for both consumer and professional use.”
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The Electrolux Press Hotline is available at +46 8 657 65 07