IRO's share of SPP Insurance Group's surplus

IRO's share of SPP Insurance Group's surplus According to information received from SPP Insurance Group, the IRO Group's share of SPP's surplus amounts to some MSEK 13,8 before tax. If these funds are applied, the result will be an increase in IRO's earnings for the 1999 financial year to date of a net profit per share of SEK 0,80. However, SPP has stated that the timetable for distribution of this surplus is as yet undecided, and that the previous date announced, 1 December 1999 will not be met. Furthermore, SPP advises that corporate shares in its surplus should not be included in company balance sheets for the time being. Since neither the relevant procedures nor the date when funds can be applied have yet been fixed, the share of the SPP's surplus to be allocated to IRO would not appear to meet the criteria for its inclusion as an asset in IRO's balance sheet. Further information is available from: Lennart Claesson, Financial Director, tel: +46 70 570 70 32 IRO is an international group that develops and manufactures yarn feeders for textile machines. Its principal customers are manufacturers of knitting and weaving machines. IRO is the world's leading manufacturer of yarn feeders, with a share of more than 60 per cent of the global market. Production takes place at locations in Sweden, Germany, Italy and China. Markets outside Sweden account for over 98 per cent of sales. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/10/27/19991027BIT00890/bit0001.doc http://www.bit.se/bitonline/1999/10/27/19991027BIT00890/bit0002.pdf