STOCKHOLM, Sweden, Sept. 30, 2003 (PRIMEZONE) -- AB Custos (Other OTC:CUSTF):
Decisions at the General Meeting
Redemption Offer
In accordance with proposals by the Board of Directors, the Extraordinary General Meeting of shareholders today approved a resolution on redemption of 1,401,074 shares in Custos. An estimated total of SEK 436 M1,2 will be distributed to the shareholders. The Offer means that those who are registered shareholders in Custos on October 3, 2003 will receive one redemption right for each share in Custos. Four redemption rights will entitle the holder to redemption of one Custos share3, with payment consisting of three shares in Bilia AB (publ) plus SEK 64 in cash, equivalent to SEK 311.50 per share redeemed.2
Timetable for the Redemption Program
September 30, 2003 Last day for trading in Custos
shares including redemption rights
October 1, 2003 Custos shares are traded excluding
redemption rights
October 3, 2003 Record date for receipt of
redemption rights
October 13-October 31, 2003 Trading in redemption rights
October 13-November 5, 2003 Registration period for the
redemption offer
Around November 14-December 2, 2003 Trading in redemption shares
Around December 10, 2003 Disbursement of redemption payment
To avoid an additional General Meeting for implementation of the redemption program, the Board has been authorized to approve a new issue of ordinary shares targeted to Handelsbanken. Handelsbanken has undertaken to subscribe for the newly issued ordinary shares as well as to submit the corresponding number of shares for redemption. This procedure does not involve any change in Custos' ownership structure.
To enable the Company to implement the redemption program without needing to await court approval, the General Meeting approved a targeted new issue of 1,401,074 Series C shares to Handelsbanken as well as redemption of these 1,401,074 Series C shares.
Reduction in the statutory reserve
The General Meeting also approved a reduction in the Company's share premium reserve of SEK 13.0 M and a reduction in the Company's statutory reserve of SEK 79.9 M, in total SEK 92.9 M, for transfer to a fund to be used according to a decision of the General Meeting.
For further questions, please contact: Mikael Nachemson (+46 8 440 57 70)
This Press Release is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall govern.
1. Assuming full acceptance of the Offer.
2. Assuming the closing price paid for the Bilia share on
September 25, 2003.
3. Through trading in redemption rights during the period October 13,
October 31, 2003, more than every fourth Custos share held
on the record date may be registered for redemption.
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The following files are available for download:
http://www.waymaker.net/bitonline/2003/09/30/20030930BIT00570/wkr0001.doc
http://www.waymaker.net/bitonline/2003/09/30/20030930BIT00570/wkr0002.pdf