Calendar for Peab Industri and review concerning Peab’s financial objectives
• Calendar for distribution of Peab Industri
• Proposed adjustment concerning convertible conditions
• Review of Peab’s financial objectives
Peab’s board of directors has earlier decided to propose to the AGM to accept a proposal distributing the company’s industrial activities to the shareholders. Distribution will take the form of shares in a subsidiary to be named Peab Industri AB.
The calendar of the distribution is now appointed as follows:
• Annual General Meeting with decision of distribution 16 May
• Announcement of prospect 17 September
• Latest day for trade inclusive right to dividend 24 September
• Adjustment date 27 September
• Notification 1 October
It will proposed that Peab Industri will have A-shares and B-shares. The intention is to quote the B-share at the Nordic Exchange, estimated to 1 October 2007. The shares will be distributed in accordance with “Lex Asea”.
The board of directors will also propose to the AGM that the conditions of Peab’s Convertible Promissory Note 2005/2008 will be approved. This will be done to give the convertible-owners of Peab the possibility to take part in the distribution. Approval of conditions is proposed to be as follows:
• A new period of conversion will be opened 18 June-2 July 2007.
• Converters in the new period of conversion will get the right to distribution of shares in Peab Industri
• Ordinary period of conversion October 1-15 2007 will be moved forward to November 26-December 8 2007.
The proposed adjustments are consistent to generally accepted principals at the share market, according to a statement from Aktiemarknadsnämnden (the committee of the Swedish share market).
As a result of the proposed distribution of the shares in Peab Industri, the future operations of Peab will be activities within construction and civil engineering. This means that there will be a review of the financial objectives and the external report structure.
Further information will be released at the latest in connection with publishing the Interim Report for the first quarter, which will be on May 16 2007.
- With the distribution of Peab Industri, we want to create improved possibilities for specialization and development for both companies. Simultaneously we give the possibility to those in our staff who subscribed for convertible debentures to participate in the distribution of Peab Industri. To me part-ownership is important in order to build engagement and work satisfaction, says Peab’s MD Mats Paulsson