Extra General Meeting decision
29 October, 1998 Extraordinary General Meeting decided on implementation of Employee Ownership Programme in Gränges In accordance with the proposal of the Board of Directors, the Extraordinary General Meeting of Gränges AB has decided to implement an ownership programme directed to the employees of Gränges. The offer, which comprises two programmes, is directed to employees of the Gränges group in Sweden, Denmark and Finland, who are offered to apply for convertible debentures, and to employees of the Gränges group outside the above mentioned countries, who are offered to acquire warrants. The warrant programme will not be offered to employees in countries where legal, administrative or financial circumstances impede or prevent its implementation. The convertible debenture loan shall not exceed a nominal amount of 100 MSEK and the term of the loan shall be between 21 December, 1998, and 30 July, 2004. The annual interest of the loan shall equal 12-month STIBOR less 0.50 percent. The conversion price shall correspond to 127 percent of the average price of the Gränges share between 2 and 6 November, 1998. Conversion to new shares shall be possible between 6 June, 2001, and 2 July, 2004. Each warrant shall entitle its owner to subscribe for one newly issued share in Gränges between 6 June, 2001, and 2 July, 2004. The exercise price shall correspond to 127 percent of the average price of the Gränges share between 2 and 6 November, 1998. The price of the warrants will be calculated by Enskilda Securities, based on generally accepted valuation principles. In the case of full conversion of the convertibles and full exercise of the warrants, the issues will result in a dilution of approximately 3.6 percent, assuming a conversion/exercise price of approximately 135 SEK. For further information, please contact Bo Askvik, Group Treasurer, tel +46 8 459 5918 or Cecilia Lager, Investor Relations & Communications, tel +46 8 459 5941 Gränges is an international industrial group focused on high value added products based on aluminium and plastics. Products include extrusions, heat exchangers and foil of aluminium as well as products and systems of plastic for the automotive industry. The company is one of Europe's leading producers in its area and the customers are primarily found in the transportation, engineering, construction and packaging industries. Gränges is listed on the Stockholm Exchange's O-list. Further information about Gränges is available at our homepage; www.graenges.se ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are ready for download: http://www.bit.se/bitonline/1998/10/29/19981029BIT00400/bit0001.doc http://www.bit.se/bitonline/1998/10/29/19981029BIT00400/bit0002.pdf