New Rights Issue in ASSA ABLOY
The new shares will be issued at a subscription rate of SEK 120 per share. Twenty-five old shares of Series A will entitle to subscription to one new share of Series A and twenty-five old shares of Series B to subscription to one new share of Series B.
The issue will raise approximately SEK 1.5 billion. The capital raised will be used to finance the acquisition of the lock division of Williams Plc (Yale Intruder Security). The principal owners, Metra Oy Ab, Investment AB Latour, SÄKI AB and Melker Schörling (together with associated companies), representing 35% of the shares in the company, will subscribe for the subscription rights they receive.
The timetable has been decided as follows:
May 3 Resolution by the Annual General Meeting to decide upon a new rights issue.
May 4 ASSA ABLOY shares are traded excluding the right to subscribe for the new share issue and dividend.
May 8 Record date for participation in the rights issue, i. e. shareholders registered as shareholders in ASSA ABLOY's shareholders' register on this day will obtain subscription rights to participate in the new issue.
From May 15 Period of trading of subscription rights.
until May 30
From May 15 Period of subscription and payment.
until June 5
The Board of Directors of ASSA ABLOY proposes an authorisation to issue new shares
The Board of Directors of ASSA ABLOY has decided to recommend to the Annual General Meeting on May 3, 2000, to authorise the Board of Directors to decide upon a directed issue by disapplying the shareholders' preferential rights. The authorisation is proposed to be for not more than 19,765,032 shares of Series B.
The reason for the authorisation and the disapplication of shareholders' preferential rights is that the purchase price for ASSA ABLOY's acquisition of the lock division of Williams Plc (Yale Intruder Security) shall partly be paid through new shares of Series B in ASSA ABLOY. As the time for the completion of the acquisition and the payment of the purchase price are dependent on regulatory approvals, it is necessary for the Board of Directors to be flexible as regards inter alia the time for the completion of the share issue.
For further information, please contact
Martin Hamner, Group Controller tel: +46-8-506 485 79 alt. +46-70-607 85 79
ASSA ABLOY AB (publ)
P.O. Box 70340, S-107 23 Stockholm
Tel: Int+46-8-506 485 00, Fax: Int +46-8-506 485 85
Visiting address: Klarabergsviadukten 90
___________
The ASSA ABLOY Group is the world's leading manufacturer and supplier of locks and associated products,
dedicated to satisfying end-user needs for security, safety and convenience. In 1999 the Group
reported sales of SEK 10, 277 million and has about 13,000 employees.
Not for distribution in the US or Canada