EXTRAORDINARY GENERAL MEETING OF AB SAGAX
AB Sagax (publ) held an Extraordinary General Meeting on 19 March 2021. Due to the continued spread of coronavirus and the instructions/advice of the government authorities to avoid gatherings of people, the Extraordinary General Meeting was held only by postal voting, and thus without shareholders, proxies or other external parties attending in person.
The Meeting resolved in accordance with the Board’s proposal to reduce the share capital through mandatory redemption of all outstanding preference shares in the company, corresponding to a maximum of 16,784,028 prefernce shares, in accordance with the redemption provision in paragraph 5.6 of the Articles of Association. In connection with the redemption, a cash payment of SEK 35 per preference share will be paid to the holders of the preference shares, which corresponds to a maximum amount of SEK 587,440,980.
The redemption of the preference shares entails a reduction of the share capital in the company by a maximum of SEK 29,372,049 (the reduction amount), equivalent to the quota value of the redeemed shares. In connection with the redemption, an amount corresponding to the reduction amount of maximum SEK 29,372,049 shall be transferred to the reserve fund from non-restricted equity.
The record day for the redemption of the preference shares was set to 7 April 2021, with distribution of the redemption amount expected to take place around 12 April 2021. The redemption proceedings will take place automatically, which means that preference shareholders do not need to take any action in connection with the payment. Payment will be made to the bank account linked to each preference shareholder’s securities account. Payment for shareholders who have their preference shares registered with a nominee will take place in accordance with the procedures of the specific nominee.
The final day of trading in the preference shares on Nasdaq Stockholm is expected to be 1 April 2021.
Important dates for redemption of preference shares
| 31 March 2021 | Record date for dividend of SEK 0.50 per preference share |
| 1 April 2021 | Final day of trading in the preference shares on Nasdaq Stockholm |
| 7 April 2021 | Distribution of dividend of SEK 0.50 per preference share |
| 7 April 2021 | Record date for the mandatory redemption of the preference shares |
| 12 April 2021 | Payment of redemption amount of SEK 35.00 per preference share |
Share conversion clause
Preference shareholders who wish to exercise the share conversion clause stipulated in Article 5.7 of the Articles of Association and request conversion of one (1) preference share to one (1) Class D common share must do so not later than 22 March 2021.
For further information, please contact CEO David Mindus, tel +46 8 545 83 540.
About AB Sagax
AB Sagax is a property company whose business concept is to invest in commercial properties, primarily in the warehouse and light industry segment. Sagax’s property holdings at 31 December 2020 amounted to 3,480,000 square metres, distributed between 673 properties. AB Sagax (publ) is listed on Nasdaq Stockholm, Large Cap. More information is available at www.sagax.se
The information was released for publication, through the agency of the contact person above, on 19 March 2021 at 1.15 p.m. CET.
Every care has been taken in the translation of this press release. In the event of discrepancies, however, the Swedish original will supersede the English translation.