Bure calls Extraordinary General Meeting and proposes distribution of the shares AcadeMedia AB (publ)
Bure’s Board of Directors has today called an Extraordinary General Meeting to resolve on a proposal to distribute Bure’s entire shareholding AcadeMedia. The Board has also decided to postpone the decision on the previously communicated capital distribution of Bure’s remaining available cash until after the distribution of AcadeMedia shares.
In view of the previously announced merger between Bure’s portfolio companies AcadeMedia and Anew Learning, Bure has today, in a separate press release, called an Extraordinary General Meeting (“EGM”) to be held on 6 November 2008. The EGM is proposed to resolve on a distribution of the newly issued shares in AcadeMedia together with the existing AcadeMedia shares to Bure’s shareholders through a so-called “Lex Asea” procedure. For every 10 shares in Bure, the shareholders in Bure are proposed to receive 1 share in AcadeMedia. The shares in AcadeMedia are expected to be available on the shareholders’ securities accounts as of 18 November 2008. Implementation of the distribution is conditional on a decision in favour of a non-cash issue by the EGM of AcadeMedia on 20 October 2008 and a distribution decision by Bure’s EGM on 6 November 2008.
In connection with the semi-annual report, the Board announced that the Parent Company had total available cash of SEK 2,199 million, and that this would be distributed in various forms during the remainder of 2008. At the end of August, after publication of the semi-annual report, Bure repurchased treasury shares for a value of SEK 349 million. The proposed distribution of the entire shareholding in AcadeMedia will utilise approximately SEK 700-800 million of the non-restricted equity, depending on the closing bid price of the AcadeMedia share on completion of the transaction. Following the AcadeMedia distribution, non-restricted equity of approximately SEK 1,100 million will remain in the Parent Company. In the semi-annual report it was announced that the Board intended to propose a capital distribution of the available cash at the same EGM as the distribution of AcadeMedia shares. However, the Board has now decided to postpone the remaining distribution decision until after the distribution of shares in AcadeMedia. The Board’s motive for the decision is a desire to complete one capital distribution at a time.
Göteborg, 8 October 2008
Bure Equity AB (publ)