Semcon buys-back convertibles
The Board has decided to offer the 50 key employees with convertibles issued during the company’s convertible-based incentive scheme, decided upon at the Extraordinary General Meeting on 7 February 2008, the opportunity to acquire (buy-back) convertibles against a payment equivalent to a nominal amount in addition to accrued interest up until the settlement day.
The acceptance period will run from 3 November until 7 November 2008. The settlement could amount to SEK 37 million in addition to accrued interest. The convertibles that the company acquires will cease to be valid, meaning the company’s burden of debt will fall by the equivalent amount.
The reason for the decision is that the current economic situation and financial uncertainty has meant that the convertibles have completely lost their incentive function that motivated their introduction, and that a buy-back contributes better to achieving this function than allowing the convertibles to remain outstanding. Due to disqualifications, the CEO Kjell Nilsson has not taken part in this decision. The Board currently has no intention for the convertible-based incentive scheme to be replaced with another similar scheme.
For more information, please contact:
Björn Strömberg, CFO Semcon AB, +46 (0)708 35 44 80
Anders Atterling, Investor Relations Manager Semcon AB, +46 (0)704 47 28 19
This information is such that Semcon AB must publish according to laws governing the securities market and/or laws governing trading in financial instruments. This information was published at 15:30 on 31 October 2008.