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Frontec holds extraordinary general meeting in connection with acquisitionof Acando

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Frontec holds extraordinary general meeting in connection with acquisition of Acando The extraordinary general meeting of Frontec's shareholders held on June 30 was opened by the chairman of the meeting, Ulf J. Johansson, who described the reasons and background for the acquisition of Acando. The following decisions were made at the extraordinary general meeting: To unanimously, in line with the Board of Directors' proposal, issue 24,246,700 Class B shares to Acando's shareholders to implement the merger with Acando. To unanimously, in line with the Board of Directors' proposal, launch a new stock option program for employees. The program comprises a total of 4.5 million options to subscribe for an equivalent number of Class B shares. The maximum dilution effect is 7.5%, the subscription price will be 140% of the average price during the measurement period in August, and the options will expire at year-end 2006. The terms will be market- based, and the Board of Directors and management will jointly determine the distribution of the offering. To authorize the Board of Directors, until the next Annual General Meeting, to issue up to 5 million new Class B shares to use for acquisitions. To amend the Articles of Association whereby Frontec will change its name to AcandoFrontec. To expand the Board of Directors to eight members without deputies. Directors Göran Carstedt, Ulf J. Johansson and Bengt Wallentin were reelected, while Olof Englund, Sven Hagströmer, Per Lindberg, Mikael Nachemson and Anders Skarin were elected as new Directors. The statutory Board meeting immediately following the extraordinary general meeting appointed Ulf J. Johansson as Chairman and Lars Wollung as President. More information: Ulf J. Johansson, Chairman telephone +46 (0)708 10 10 11, Lars Wollung telephone +46 (0)8 517 24 098 Jan Rehn, Director of Communications and Investor Relations telephone +46 (0)31 707 11 79 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/07/03/20030703BIT00150/wkr0001.doc http://www.waymaker.net/bitonline/2003/07/03/20030703BIT00150/wkr0002.pdf