General meeting of New Wave Group AB (publ)

General meeting of New Wave Group AB (publ) The following decisions were made at today's general meeting of the New Wave Group AB (publ) ("New Wave"): - A dividend to shareholders of 4 SEK per share was declared, with 17 May as the record date. - Håkan Thylén, Torsten Jansson and Lennart Bohlin were re-elected to the Board of Directors, with Hans Johansson being elected for the first time. - A 2:1 split was declared, with 1 August 2000 as the record date and 28 July 2000 as the first trading date with the new par value. - A loan up to a limit of 35,000,000 SEK will be raised through the issue of a maximum of 3,500,000 convertible debentures with a par value of 10 SEK per debenture, which will also be the issue price. These may be subscribed for (subject to the waiver of preferential rights) by New Wave Retailing Stockholm AB ("NWR"), a wholly-owned subsidiary of the New Wave Group AB (publ), after which NWR shall offer these to employees of the New Wave Group. The promissory note will have a term extending from 12 June 2000 to 12 June 2003 and bear interest at an annual rate of STIBOR minus 1.60 %. From 13 January 2003 to 12 June 2003, the creditors shall be entitled to convert their claims into new Series B shares in the Company, at a conversion rate that shall be based on an external evaluation, applying an accepted evaluation method (the Black & Scholes model) and the average bid price of the Company's shares between 22 May 2000 and 5 June 2000 and other terms and conditions for the convertible securities. The conversion rate shall be no less than 400 SEK per new Series B shares in the Company . The share capital may increase by a maximum of 175,000 SEK through the conversions. The dilution effect of the share capital and number of votes in the case of full conversion, and full subscription of the debentures will be approximately 2.4 % (share capital) and 0.5 % (total number of votes), respectively. The calculation is premised on a full subscription of the new issue of stock in Texet. - The Managing Director also reported on the subsidiaries in England and France and their effect on profits for the first quarter. These companies impacted negatively on profits in the amount of approximately two million SEK. Complete documentation regarding the above-mentioned matters may be obtained at the Company. For additional information, please contact: Torsten Jansson, Managing Director, +46(0)708-99 80 50, +46(0)33-22 58 55 or Jörgen Bender, Financial Manager, +46(0)708-99 80 55, +46(0)33-22 58 54. Borås, 15 May 2000 New Wave Group AB (publ) The Board of Directors ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/05/15/20000515BIT00790/bit0001.doc http://www.bit.se/bitonline/2000/05/15/20000515BIT00790/bit0002.pdf