The acceptance in Sandvik's redemption offer is exceeding 99%
The application period for participation in Sandvik's redemption offer expired on 10 June 2005.
During the application period 9,787,361 shares in Sandvik have been tendered for redemption. This corresponds to an acceptance level to the redemption offer exceeding 99%.
Provided that the Extraordinary General Meeting on 28 June 2005 resolves on the requisite resolutions for the implementation of the redemption offer and that these resolutions are registered with the Swedish Companies Registration Offer, approximately SEK 4 billion will be distributed to the shareholders.
The Board of Directors' complete proposal for resolution will be available at the company and at the company's website, www.sandvik.com.
After the implementation of the redemption offer the number of shares in Sandvik will amount to 237,257,435 shares, exclusive of shares held by Sandvik. Sandvik holds 16,522,000 shares in the company, which the Board of Directors has proposed that the Extraordinary General Meeting should resolve to withdraw.
Trading in redemption shares and payment of redemption amount
Trading in redemption shares commences on 21 June 2005 and ceases on 30 June 2005. Redemption shares will be redeemed for payment in cash, SEK 405 per redemption share after the requisite resolutions resolved on at the Extraordinary General Meeting on 28 June 2005 have been registered. The redemption amount is expected to be paid to the shareholders on or about 8 July 2005.
The average price for the sold redemption rights in the commission-free sale procedure amounted to SEK 4,52 per redemption right. Payment for the redemption rights sold through this procedure was accounted for to the shareholders concerned on or about 14 June 2005.
Sandviken on 20 June 2005
Sandvik AB (publ)