STOCKHOLM, Sweden, May 7, 2003 (PRIMEZONE) -- The Annual General Meeting of Observer AB (Other OTC:OBSEF) on Tuesday, May 6, 2003 approved a dividend of SEK 0.45 (0.45) per share. The record day is May 9 and the dividend is expected to be paid on May 14, 2003.
Board of Directors
The Annual General Meeting reelected as members of the Board of Directors of Observer AB Orjan Hakanson, Maria Lilja, Ulf Ivarsson, Hakan Bryngelson and Robert Lundberg, and elected as a new member Pia Gideon. The accounting firm Ernst & Young AB was elected the company's auditor for the period until the Annual General Meeting in 2007, with Lars Traff as Chief Auditor. At the statutory Board meeting following the Annual General Meeting, Orjan Hakanson was appointed Chairman.
Share repurchase
In order to increase the flexibility of Observer's capital structure and complement its dividend policy, the Annual General Meeting authorized the Board to decide to acquire and transfer/re-sell the company's own shares. The authorization applies until the next Annual General Meeting in 2004, comprises not more than 6,795,732 shares and includes the right to decide on deviations from shareholders' preferential rights and that payment for transfers/re-sells may be made with other than cash.
New share issue authorization
The Annual General Meeting authorized the Board to decide until the next Annual General Meeting in 2004 to issue not more than 2,000,000 new shares in the company. Such issues may deviate from current shareholders' preferential rights to subscribe for new shares. The reason for the deviation from the preferential rights is that the new shares will be used to acquire operations or companies.
Observer AB (publ) For further information, please contact: Per Blixt, Senior VP Corporate Communications/Investor Relations telephone: +46 70 549 28 08, +46 8 507 410 12 per.blixt@observergroup.com
This press release is also available online at www.observergroup.com
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The following files are available for download:
http://www.waymaker.net/bitonline/2003/05/07/20030507BIT00050/wkr0001.doc
http://www.waymaker.net/bitonline/2003/05/07/20030507BIT00050/wkr0002.pdf