KONE Corporation's Annual General Meeting held on 26 February, 2007 authorized
the Board of Directors to repurchase and redistribute the company's own shares.
On the basis of this authorization KONE Corporation's Board of Directors has
decided to commence repurchasing shares at the earliest on 8 March, 2007. The
repurchasing of shares will continue until otherwise announced.
The shares may be repurchased in order to develop the capital structure of the
Company, finance or carry out possible acquisitions, implement the Company's
share-based incentive plans, or to be transferred for other purposes or be
cancelled. Altogether no more than 12,785,000 shares may be repurchased, of
which no more than 1,905,000 are to be class A shares and 10,880,000 class B
shares, taking into consideration the provisions of the Companies Act regarding
the maximum amount of own shares that the Company is allowed to possess. The
proposed amount corresponds to nearly 10 percent of both the share capital of
the Company and the total voting rights. The KONE Group currently has 2,744,753
class B shares in its possession.
The minimum and maximum consideration for the shares to be purchased is
determined for both class A and class B shares on the basis of the trading
price for class B shares determined on the Helsinki Stock Exchange on the time
of purchase.
Sender:
KONE Corporation
Jukka Ala-Mello Minna Mars
Secretary to the Board of Directors Senior Vice President,
Corporate Communications & IR
For further information, please contact:
Minna Mars, SVP, Corporate Communications & IR, tel. +358 (0)204 75 4501
KONE is one of the world's leading elevator and escalator companies. It
provides its customers with industry-leading elevators and escalators and
innovative solutions for their maintenance and modernization. KONE also
provides maintenance of automatic building doors. In 2006, KONE had annual net
sales of EUR 3.6 billion and about 29,000 employees. Its class B shares are
listed on the Helsinki Stock Exchange in Finland.
www.kone.com