Cancellation of repurchased shares and reduction of share capital
(ELUX) The decision by the Annual General Meeting (AGM) to cancel
14,612,580 previously repurchased B-shares has now been implemented. The
cancellation involves a reduction of the share capital by SEK
73,062,900, and enables Electrolux to repurchase additional shares.
Additionally, the 14,612,580 C-shares that the AGM decided to issue to
Svenska Handelsbanken in order to accelerate the procedure for reducing
the share capital have been redeemed at par value, SEK 5, plus interest.
The reduction involves the transfer of SEK 73,062,900 from unrestricted
equity to the company’s statutory reserves, part of restricted equity.
Following this reduction, the company’s share capital consists of
10,000,000 A-shares and 314,100,000 B-shares, in total 324,100,000
shares. After repurchase today of 400,000 shares, Electrolux owns
9,008,172 previously repurchased B-shares, corresponding to 2.8% of the
total number of shares.
The AGM in April 2003 authorized the Board of Directors to acquire and
transfer own shares during the period up to the next AGM. Shares of
series A- and/or B may be acquired on condition that after each
transaction the company owns a maximum of 10% of the total number of
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 2002, Electrolux had sales
of SEK 133.2 billion and 82,000 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.