Heimstaden convenes the Annual General Meeting: Proposes inter alia introduction of a new preference shares class and authorisation for issuing ordinary shares and existing and new preference shares
Heimstaden AB (“Heimstaden” or the “Company”) convenes the Annual General Meeting and proposes inter alia an amendment of the Articles of Association introducing a new class of shares, preference shares of series B, and an authorisation for the Board of Directors to resolve on a new issues of shares corresponding to a maximum of 30 per cent of the Company’s share capital (at the time the authorisation is first used), through a new issue of ordinary shares, preference shares or preference shares of series B, or a combination thereof. The Annual General Meeting is scheduled to be held on 7 April 2022 and notice of the Annual General Meeting will be published in a separate press release today.
The new class of preference shares of series B
The proposed amendment of the Articles of Association introduces a new class of preference shares, preference shares of series B.
The new preference shares of series B are proposed to entitle to an initial dividend of SEK 10 per annum, divided into four quarterly equal payments. The dividend is further proposed to be recalculated every second year based on the development of the two-year annual interest rate for interest rate swap transactions in SEK (“SKSW2” as it is published on Bloomberg screen). The purpose of the recalculation provision is that the dividend shall follow the development of market interest rates and thereby constitute an attractive instrument for investors over time, irrespective of the development of market interest rates. The new preference shares of series B are proposed to rank pari passu alongside the existing preference shares and thus ahead of the ordinary shares in terms of preferential right to dividend and distribution in the event of the Company’s dissolution.
Authorisation to issue ordinary shares, preference shares and preference shares of series B
Heimstaden assesses that conditions for continued growth through investments in residential properties in line with the Company’s long-term strategy are good. The purpose of the authorisation is to enable the Company to raise capital or to refinance within the current capital structure (including in accordance with an accelerated timetable) as part of the Company’s work to continue its growth, inter alia, through acquisitions and investments in existing holdings (directly and/or indirectly) and to achieve a more efficient capital structure and a diversification of the shareholder base. The proposal includes the issue of shares with or without preferential rights for existing shareholders.
#investornews
For more information, please contact:
Patrik Hall, CEO +46 705-85 99 56, patrik.hall@heimstaden.com
Arve Regland, CFO +47 47 90 77 00, arve.regland@heimstaden.com
About Heimstaden
Heimstaden is a leading European residential real estate company with about 150,000 homes and a property value of SEK 306 billion. We acquire, develop, and manage properties with an evergreen perspective. Guided by our Scandinavian heritage and values Care, Dare and Share - our 2,100 colleagues across 10 countries strive to fulfil our mission to enrich and simplify our customers’ lives through Friendly Homes. Read more at www.heimstaden.com.
Heimstaden's preference shares are listed on Nasdaq First North Growth Market. Certified Adviser is Erik Penser Bank aktiebolag, +46 8-463 83 00 / certifiedadviser@penser.se.
This information is such information that Heimstaden AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the agency of the above contact persons, for publication on 7 March 2022 at 08:00 CET.
Important information
The publishing, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions according to law and the recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules of the respective jurisdiction. This press release does not constitute an offer, or an invitation, to buy or subscribe for any securities in Heimstaden in any jurisdiction, neither from Heimstaden nor from anyone else. This press release is not a prospectus according to the meaning of the Regulation (EU) 2017/1129 and has not been approved by any regulatory authority in any jurisdiction.
This press release does not constitute an offer or invitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States without registration or an exemption from registration under the US Securities Act of 1933, as applicable at any given time (the “Securities Act”) and may not be offered or sold within the United States without being registered, exempted from, or in a transaction not covered by the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of such securities in the United States. The information in this press release may not be announced, published, copied reproduced or distributed, directly or indirectly, in whole or in part, in or to Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, the United States or in any other jurisdiction where such an announcement, publication or distribution of this information would not comply with applicable laws and regulations or where such an action is subject to legal restrictions or would require additional registration or other measures beside what follows from Swedish law. Actions in violation of this instruction may constitute a violation of applicable securities legislation.
