(ELUX) The Board of Directors of Electrolux has now established the conditions for the share redemption offer in a total amount of approximately SEK 3,000m, which is to be proposed at the Annual General Meeting of shareholders on April 21, 2004. The redemption offer was announced in connection with publication of the year-end figures for 2003, and is made on the basis of the Group’s strong balance sheet and the Board’s ambition to contribute to increased shareholder value.
The proposal can be summarized as follows:
* Each A-share gives one class A redemption right, and each B-share gives one class B redemption right.
* 20 class A redemption rights entitle redemption of one class A share, and 20 class B redemption rights entitle redemption of one class B share. In order to facilitate adjustment of uneven lots, a maximum of 1,000 redemption rights can be used to redeem shares of either class (A and/or B).
* The amount to be paid by Electrolux for each redeemed share is SEK 200.
* A maximum of 1,000 redemption rights can be sold free of brokers’ commission.
To ensure that the redemption offer of SEK 3,000m will be completed, even if the price of the Electrolux share would increase significantly and thereby make the redemption offer less attractive for the shareholders, the Board reserves the right to change the redemption price and redemption ratio at the latest two weeks before the Annual General Meeting.
The redemption offer is conditional to an extraordinary shareholders’ meeting resolving matters including a reduction of the share capital by means of redemption and the final number of shares to be included in the redemption procedure. The extraordinary shareholders’ meeting is intended to be held in June 2004.
Provided that the offer is in accordance with the conditions above and accepted in its entirety, the company’s equity will be reduced by SEK 3,066m through redemption of 15,330,000 shares. The number of shares in. Electrolux after the offer will thus amount to 308,770,000, including shares owned by the company. As of March 15, 2004, Electrolux owned 17,489,400 shares, which are not included by the offer.
Proposed time schedule
* The Annual General Meeting on April 21, 2004 will decide on the board’s redemption offer.
* The Electrolux share will be quoted excluding redemption right as of April 22, 2004.
* The record day for receiving redemption rights is April 26, 2004.
* An information brochure describing the offer will be distributed to shareholders around May 3, 2004.
* Application period is May 4 to June 1, 2004.
* Trade in redemption rights will take place May 4 to May 26, 2004.
* Trade in redemption shares will take place June 10 to June 21, 2004.
* Payment of proceeds for redeemed shares will be made around June 30, 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.
For further information, please contact Investor Relations at +46 8 738
60 03. Electrolux Press Hotline is available at +46 8 657 65 07.