Peab’s Annual General Meeting 2008
• Dividend adopted at SEK 2.25 per share
• Continued authorisation for the repurchase of shares
Peab AB (publ) held its Annual General Meeting today, Thursday. The Annual General Meeting adopted a dividend of SEK 2.25 according to the proposal from the Board of Peab. The record date will be Tuesday the 20th of May and the Swedish Securities Register Office will distribute this dividend on 23 May 2008.
The Annual General Meeting granted the Board and the Chief Executive Officer discharge for the financial year of 2007.
The Board members Annette Brodin Rampe, Karl-Axel Granlund, Göran Grosskopf, Mats Paulsson, Svante Paulsson and Lars Sköld were re-elected. Göran Grosskopf was re-elected as Chairman of the Board.
The Annual General Meeting authorised the Board of Peab to, on one or more occasions, until the next Annual General Meeting, decide to issue B shares corresponding to a maximum of 10 percent of the registered share capital at the time of authorisation. New issues will be based on standard market terms.
The Annual General Meeting authorised the Board of Peab to, on one or more occasions, until the next Annual General Meeting, buy back or transfer Peab shares.
Purchases may be made with funds that can be used for profit distribution and at the most for a number of Peab shares so that when purchasing is completed the Group owns a maximum of 1,900,000 A shares and 17,400,000 B shares but altogether no more than 17,400,000 shares. The shares may be acquired without being in proportion to shareholders’ holdings through purchases on the OMX Nordic Exchange Stockholm or through a subscription invitation to all shareholders.
Transfers may be made for a maximum of 1,900,000 A shares and 17,400,000 B shares but altogether no more than 17,400,000 shares acquired by the Group. The Board is authorised to decide to whom Peab shares may be transferred as well as the terms and the manner in which the transfer will take place. Shares may be transferred with a deviation from shareholders’ preferential rights in connection with acquisitions or other transactions or through sales on the OMX Nordic Exchange Stockholm. The Board is authorised to transfer shares at a price within the registered price span at the time transfers take place if the transfer is through sales on the OMX Nordic Exchange Stockholm. The price of shares transferred through any other channel than sales on the OMX Nordic Exchange Stockholm must at least be on par with the market price at the time of the transfer.
The Annual General Meeting approved the Board’s proposed issue of a maximum of SEK 2,000,000 convertibles at a total maximum nominal value of SEK 96,000,000 which the Board of Peab AB, pending the approval of the Annual General Meeting in Peab AB, decided on 4 April 2008. The convertibles will run from 1 December 2008 to 30 November 2012. The right to subscribe for the convertibles shall be given to, which is a deviation from shareholders’ preferential rights, a wholly owned subsidiary to Peab AB, with the right and obligation to, in the first place, offer to all personnel employed after 15 November 2007, or employees in companies that have been acquired by Peab after 15 November 2007 the right to subscribe for convertibles from 26 November 2008 to 12 December 2008 and, in the second place, offer Peab’s Profit-sharing Foundation the right to acquire the convertibles not subscribed for by the employees. On account of the above the Annual General Meeting also approved the Board’s proposal of transfers from the subsidiary to the employees.
The issue price shall be a nominal amount. The convertibles will have a fixed interest rate based in part on the conversion rate and the estimated market value of the convertibles. The conversion rate will correspond to 120 percent of the for B shares on the OMX Nordic Exchange Stockholm’s official price list quoted average latest buy rate during the period of 3 November 2008 to 14 November 2008. The conversion rate may, however, not be lower than SEK 48. Calculated on a conversion rate of SEK 48, share capital can increase by SEK 10,700,000 at the most. Under these conditions this is equivalent to a dilution of around 1.1 percent of the share capital and around 0.6 percent of the votes.
Malte Åkerström, Leif Franzon and Göran Grosskopf were re-elected and Erik Paulsson was newly elected to the nominating committee.
Malte Åkerström was re-elected as the chairman of the nominating committee.
All decisions by the Annual General Meeting were made with the necessary majority of votes.
For additional information, please contact:
Mats Leifland, CFO Peab +46 733 371006
Gösta Sjöström, CIO, Peab +46 733 371010
Previous press releases from Peab are available at www.peab.se
This information is such that Peab AB is obliged to publish in accordance with Swedish law regarding the securities market and/or the Financial Instruments Trading Act or has itself chosen to publish. The information was submitted for publication at 6:00 p.m. on 15 May 2008.