Reverse share split for Cision AB (publ)
As announced on March 31, 2011, the annual general meeting of Cision AB (publ), reg. nr. 556027-9514 (the "Company"), decided on March 31, 2011 to carry out a reverse share split and authorised the board of directors to determine the record date. The board of directors has, pursuant to the authorisation, now resolved that the record date for the reverse share split shall be May 5, 2011.
Background and description of a reverse share split
In the light of the Company's rights issue, which was completed during the second quarter of 2010, and in order to achieve a more appropriate number of shares in the Company and consequently a more appropriate share price, the annual general meeting resolved on March 31, 2011 that the number of shares in the Company shall be decreased by consolidating the shares in the ratio 1:10, which entails that every ten shares will be consolidated into one share and that the number of shares in the Company will decrease from 149,095,836 to 14,909,583, whereby the quota value per share will be approximately SEK 15 after completion of the reverse share split.
For any shareholder who, on the record date for the reverse share split, does not hold a number of shares corresponding to a whole number of new shares (after completion of the reverse split), title to the excess shares shall pass from such shareholder to the Company on the record date. Shareholders who hold less than ten shares will have all their shares entailed. The excess shares will thereafter be sold at the Company's expense by Mangold Fondkomission AB and the proceeds of the sale will be distributed among those shareholders being entitled thereto. This expected to occur by way of cash payment on or about May 12, 2011.
Shareholders are not required to take any direct measures in connection with the reverse share split. However, to avoid selling excess shares, the number of shares on the record date shall be equally divisible by 10. The last trading day to obtain a number of shares that is equally divisible by 10 is May 2, 2011.
Time table for the reverse share split
May 2, 2011 - Last date of trade in the Company's shares before the reverse share split, possibility to obtain a number of shares equally divisible by 10.
May 3, 2011 - First date of trade in the Company's shares after the reverse share split, new share price.
May 5, 2011 - Record date for the reverse share split; the excess shares shall pass to the Company.
May 6, 2011 - The new number of shares are booked onto the shareholder's account.
May 12, 2011 - Payment of proceeds from sales of excess shares.
Effects of the reverse share split
The reverse share split will result in a lower number of shares in the Company. However, the quota value of each share will be increased. The aggregate quota value of a shareholder’s shares following the reverse share split, i.e. the shareholder’s portion of the Company’s share capital, will therefore remain unchanged, except for shareholders who hold excess shares. Apart from having a different quota value, each new consolidated share will carry the same rights as the currently existing shares.
Shares registered with nominees
For shareholders in the Company whose shares are registered in the name of a nominee through the trust department of a bank or similar institution, the shareholding after the reverse share split as well as any payment of proceeds from the sale of excess shares will be managed in accordance with each nominee’s procedures. We recommend shareholders to contact their nominee.
Stockholm, April 2011
The board of directors of Cision AB (publ)
For further information, please contact:
Hans Gieskes, President and CEO, phone 46 (0)8 507 410 11
Erik Forsberg, CFO, telephone 46 (0)8 507 410 91
Cision AB (publ)
P.O. Box 24194
SE-104 51 Stockholm, Sweden
Corp Identity No. SE556027951401
Telephone: 46 (0)8 507 410 00
Cision empowers businesses to make better decisions and improve performance through its CisionPoint software solutions for corporate communication and PR professionals. Powered by local experts with global reach, Cision delivers relevant media information, targeted distribution, media monitoring, and precise media analysis. Cision is present in Europe, North America and Asia, and has partners in over 125 countries. Cision AB is quoted on the Nordic Exchange with a turnover of SEK 1.1 billion in 2010.