STOCKHOLM, Sweden, April 24, 2003 (PRIMEZONE) -- Axfood AB's:
Election of directors
The Annual General Meeting of Axfood resolved on April 23, 2003 that the Company's board shall consist of nine directors. The Meeting resolved to re-elect Goran Ennerfelt, Antonia Ax:son Johnson, Marcus Storch, Gosta Tornroth, Peggy Bruzelius, Annika Ahnberg and Mats Jansson. In addition, the Annual General meeting resolved to elect Maria Curman and Gunnar Soderling as new directors on the Company's board. Maria Curman is CEO of Bonnierforlagen and President of Bonnier Books. She is a former President of Sveriges Television. Gunnar Soderling has worked with Nestle Sweden since the 1970s and is currently Vice President of Nestec Ltd., a company in the Nestle Group. He will be leaving this position at mid-year 2003.
The Company's auditors, Per Bergman and Caj Nackstad, were elected by the 2000 Annual General Meeting for terms extending up until the 2004 Annual General Meeting.
Repurchases and transfers of own shares The Annual General Meeting resolved to authorize the Board -- on one or more occasions during the period up until the next Annual General Meeting -- to make decisions on repurchases of not more than 1,400,000 shares of the company's own stock. The price per share shall be within the price range of the shares registered on the Stockholm Stock Exchange at the time of repurchase.
In addition, the Annual General Meeting resolved to authorize the Board - on one or more occasions during the period up until the next Annual General Meeting, to make decisions on transfers of not more than 1,400,000 shares of the company's own stock. The decision entitles the Board to deviate from the shareholders' pre-emption rights, either on the stock exchange at a price per share that may not be less than the price range of the shares registered on the Stockholm Stock Exchange at the time of transfer or -- in connection with acquisitions from a third party in another manner than on the stock exchange and in exchange for payment in another form than money -- at a price per share that is equivalent to the estimated market value.
The purpose of the Board's proposal is to give the Board greater scope to manouevre in its work with the company's capital structure, such as in view of various dilutive effects, and in various financing solutions in connection with acquisitions, etc.
All resolutions at the Annual General Meeting were unanimous.
The Board formally constituted itself after the Annual General Meeting, with Goran Ennerfelt as Chairman and Marcus Storch as Vice Chairman.
For further information, please contact: Goran Ennerfelt, Chairman, Axfood AB tel. +46-8-701 61 00 Mats Jansson, President and CEO, Axfood AB tel. +46-8-553 99 800 Bodil Eriksson, Executive Vice President, Axfood AB tel. +46-8-553 998 17 mobile +46-706-29 66 34
Axfood AB is one of the largest listed food wholesale are retail companies in the Nordic market. The company conducts wholesale and retail trading under a number of brand names, including the wholly owned store chains Hemkop, Willys and Willys Hemma, and the Spar and Tempo franchise concepts. Consolidated annual sales are approximately SEK 33 billion, with over 8,000 full-time employees. The company has approximately 700 stores in Sweden, of which 250 are wholly or partly owned. The remainder are run by independent grocers tied to the company through agreements. Axfood has some 300 stores in Finland, of which 80 are wholly owned and the remainder operated by independent grocers. The market share is nearly 20% in Sweden and approximately 10% in Finland. Axfood AB is listed on the O-List, Attract 40, of the Stockholm Stock Exchange. Axel Johnson AB is the principal owner, with approximately 45% of the shares.
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