Jump to content

You are now visiting the Sandvik Group website in English. Would you like to switch to another language site with selected content translated?

The Extraordinary General Meeting of Sandvik AB resolved on distribution to the shareholders of approximately SEK 4 billion through redemption of shares

The Annual General Meeting of Sandvik AB resolved on 3 May 2005 to implement a share redemption offer, pursuant to which the company's shareholders were entitled to have their shares redeemed for payment in cash, SEK 405 per share.

During the application period a total of 9,787,361 Sandvik shares were tendered for redemption, corresponding to a value of approximately SEK 4 billion.

An Extraordinary General Meeting in Sandvik has today, according to the Board of Directors' proposal, resolved on the requisite resolutions for the redemption offer and distribution to the shareholders, namely:

a) Resolution on reduction of Sandvik's share capital by SEK 58,724,166 through redemption of 9,787,361 ordinary shares. For each redeemed share SEK 405 will be paid, that is a total of approximately SEK 4 billion. Further, the General Meeting resolved to reduce the company's share capital by SEK 99,132,000 through redemption without repayment of 16,522,000 ordinary shares that the company has repurchased. The purpose of the reduction is that the amount by which the share capital is redeemed shall be transferred to the statutory reserve.

b) Resolution on increase of Sandvik's share capital by SEK 157,856,166 through a new issue of 26,309,361 redeemable C-shares to Svenska Handelsbanken, with a subscription price per share corresponding to the share's nominal value of SEK 6. The resolution was passed to achieve a fast payment of the redemption price to the shareholders.

c) Resolution on reduction of Sandvik's share capital by SEK 157,856,166 through redemption of all the according to Section b) issued C-shares in the amount of SEK 6 per share, adjusted as per the day of redemption with an interest rate corresponding to STIBOR 30 days plus 0.05 percentage units, and to transfer SEK 157,856,166 from the company's non-restricted equity to the statutory reserve.

After the above resolutions have been registered with the Swedish Companies Registration Office, the share capital in Sandvik will amount to SEK 1,423,544,610, corresponding to 237,257,435 ordinary shares.

Payment of redemption amount is expected to take place on or about 8 July 2005.

Sandviken, 28 June 2005

Sandvik AB; (publ)

We would like your consent

Sandvik and our vendors use cookies (and similar technologies) to collect and process personal data (such as device identifiers, IP addresses, and website interactions) for essential site functions, analyzing site performance, personalizing content, and delivering targeted ads. Some cookies are necessary and can’t be turned off, while others are used only if you consent. The consent-based cookies help us support Sandvik and individualize your website experience. You may accept or reject all such cookies by clicking the appropriate button below. You can also consent to cookies based on their purposes via the manage cookies link below. Visit our cookie privacy policy for more details on how we use cookies.