STOCKHOLM, Sweden, April 3, 2003 (PRIMEZONE) -- Lundbergs' Annual General Meeting on Thursday, April 3 adopted the Board of Directors' proposal that a dividend of SEK 6.00 per share be paid for the 2002 fiscal year, which corresponds to an increase compared with the SEK 5.75 paid for the preceding year. The record date for dividends is April 8, 2003 and dividend payment will commence on April 11, 2003.
Lennart Bylock, Ulf Lundahl, Fredrik Lundberg, Sten Peterson, Bengt Petersson, Per Welin and Christer Zetterberg were re-elected to the Board and the Authorized Public Accountants Bo Ribers and Hans Wilhelmsson were elected to serve as the Company's auditors for a period of four years, with the Authorized Public Accountants Carl Lindgren and Hans Akervall as their deputies. At the statutory Board Meeting that followed the Annual General Meeting, Per Welin was re-elected Chairman of the Board.
The Annual General Meeting adopted the decision made by the Board of Directors in August 2002 regarding an offering of call options to senior executives of Holmen AB, and the transfer of Holmen AB shares that may be required as a result of the exercise of these and previously issued call options.
In accordance with a proposal from the Board, the Meeting also voted in favor of authorizing the Board to make decisions regarding the repurchase of Series B Lundberg shares during the period up to the next Annual General Meeting. The purchases are to be made on Stockholmsborsen and be subject to the limit that Lundbergs' holding may not exceed 10% of the total number of Company shares. At the statutory Board meeting, the Board of Directors decided to utilize the renewed authorization. At present, the Company's holding of Series B Lundberg shares amounts to 70,400.
President and Chief Executive Officer Fredrik Lundberg addressed the Annual General Meeting for the twentieth consecutive year. During this address, shareholders were informed that, in addition to an average of 3.7% received annually over the past 20 years in the form of dividends, their taxed equity in the Company had increased by an average of 13% annually and that average annual dividend growth amounted to 17% during the same period. Shareholders were also informed that on April 2, 2003 net asset value per share amounted to SEK 243 before and SEK 220 after deferred tax.
Since summer 2002, Industrivarden shares have been acquired for approximately SEK 1.2 billon. Lundbergs' holding corresponds to 5.8% of the share capital and 8% of the voting rights.
"As a result of the proposed increases in dividends from our shareholdings, including an extraordinary dividend of about SEK 322 million from Cardo, the Invest business area is expected to show a significant increase in earnings in 2003. Earnings from the Real Estate business area are expected to remain at the same level as in 2002," said Fredrik Lundberg in a concluding comment.
Stockholm, April 3, 2003 L E Lundbergforetagen AB (publ)
SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ)
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