Board convenes an Extraordinary General Meeting on June 16, 2004 for
implementation of the share redemption offer
(ELUX) The Annual General Meeting on April 21, 2004 resolved on a share
redemption offer to the shareholders of Electrolux. The application
period for the redemption offer runs for the period May 4 – June 1,
2004. The Board of Directors of Electrolux has today decided to convene
an Extraordinary General Meeting to be held on June 16, 2004, at which
the shareholders are proposed to adopt the resolutions required for
implementation of the redemption offer.
The Board of Directors proposes that the Extraordinary General Meeting
decides on a reduction of Electrolux share capital of no more than SEK
76,652,650, through redemption of no more than 15,330,530 shares. For
each redeemed share SEK 200 will be paid, i.e. in total no more than SEK
3,066,106,000.
In order to achieve speedier payment to the shareholders, the Board of
Directors also proposes that the company’s share capital shall be
increased by no more than SEK 76,652,650, through a new issue of no more
than 15,330,530 redeemable shares of series C. The subscription price is. SEK 5 per share. Handelsbanken shall subscribe for the new shares with
deviation from the shareholders’ preferential rights. The reason for
deviation from the shareholders’ preferential rights is that the
resolution on redemption of shares and the payment to the shareholders
pursuant to the redemption offer may be executed without the delay of
obtaining court approval, if, at the same time, an amount equal to the
reduction amount is contributed to the company by way of a new issue of
shares. Handelsbanken has undertaken to subscribe for these shares of
series C and to have them redeemed. Furthermore, the Board of Directors
proposes that the decisions by the Extraordinary General Meeting inlcude
reduction of the company’s share capital through redemption of the newly
issued shares of series C.
Notice of the Extraordinary General Meeting will be made public around
May 26, 2004. The Board of Directors’ complete proposal for resolutions
at the Extraordinary General Meeting, with stipulation of the exact
reduction amounts, the number of shares to be redeemed and the number of
new shares to be issued, will be made public no later than June 9, 2004.
The Electrolux Group is the world’s largest producer of powered
appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chainsaws, lawn mowers, and
garden tractors. Every year, customers in more than 150 countries buy
more than 55 million Electrolux Group products for both consumer and
professional use sold under famous brands such as AEG, Electrolux, Zanussi, Frigidaire, Eureka and Husqvarna. In 2003, Electrolux had sales
of SEK 124.1 billion and 77,100 employees.
Further information
Electrolux Press Hotline is available at +46 8 657 65 07.