Reverse share split in KappAhl AB (publ)
The Annual General Meeting in KappAhl AB (publ) (”KappAhl”) resolved on a reverse share split on November 28, 2012, meaning that six existing shares are consolidated into one share, with authorization for the Board of Directors to decide upon the record date. The Board of Directors in KappAhl has resolved that the record date shall be February 14, 2013.
The last date of trading in KappAhl’s shares on NASDAQ OMX Stockholm before the reverse share split is February 11, 2013. The first day for trading in KappAhl’s shares after the reverse share split is February 12, 2013, which implies that the share price from and including February 12, 2013 will reflect the effect of the reverse share split.
A reverse share split 1:6 implies that six shares, each with a quota value of SEK 1/7 will be consolidated into one share with a quota value of SEK 6/7. Following the reverse share split, the total number of shares will be reduced from 450 240 000 shares to 75 040 000 shares.
Shareholders in KappAhl will automatically receive a new, lower number of shares in proportion to their holding on the record day. For shareholders whose shares on the record date, after the reverse share split, do not correspond to a full number of new shares (ie. not evenly divisible by six), KappAhl will at the company’s expense arrange that the excess shares are sold by Carnegie. The aggregated proceeds of the sale will be distributed among the shareholders who owned the excess shares on the record date, in relation to their share in the shares sold. This will occur by way of cash payment around February 21, 2013 and through Euroclear Sweden AB.
|Timetable for the reverse share split:
|February 11, 2013
||Last day of trading before the reverse share split.
|February 12, 2013
||First day of trading after the reverse share split. New share price.
|February 14, 2013
||Record date for the reverse share split.
|Around February 21, 2013
||Payment of proceeds from the sale of excess shares.
Following the reverse share split, KappAhl has completed recalculation of the 6,744,000 warrants (Series 2012/2015) KappAhl issued after a resolution at the Annual General Meeting on November 23, 2011. After conversion, each warrant entitles to subscription for 0.26 new shares at a subscription price of SEK 28.80 per share. The warrants can thus increase the number of shares in KappAhl by a maximum of 1,820,880 and the share capital by a maximum of SEK 1,565,956.80.
For further information, please contact:
Johan Åberg, President and CEO, phone +46 706 09 99 73,
Håkan Westin, Chief Financial Officer, phone +46 704 71 56 64,
For other information, please contact:
Annette Björklund, Head Public Relations, phone +46 704 71 55 42,
KappAhl was founded 1953 and is a leading Nordic fashion chain with close to 400 stores and 4,500 co-workers in Sweden, Norway, Finland, Poland and the Czech Republic. KappAhl designs, markets and sells value-for-money fashion and focus in particular on women 30-50 years of age. In 1999, KappAhl was the first fashion chain to receive environmental management standard certification. During the financial year 2011/2012, KappAhl had sales of SEK 4.6 billion. KappAhl shares are listed on the NASDAQ OMX Stockholm. Further information is available at www.kappahl.com
KappAhl AB (publ) discloses the information provided here pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on January 16, 2013 at 11.00 a.m.