FOERSLOEV, Sweden, May 15, 2003 (PRIMEZONE) -- Peab AB (publ):
-- Increased cash dividend -- Decision on distribution of Brinova Fastigheter AB -- Continued authorisation to repurchase
The Annual General Meeting of Peab AB (publ) was held on Thursday May 15. The meeting approved the board's proposed dividend of SEK 2.20 per share. May 20 was appointed Record Day and it is estimated that dividends will be sent out by the Securities Register Centre (VPC) on Friday May 23.
The board decided that all shares in Brinova Fastigheter AB (Brinova) will be distributed to Peab's shareholders, whereby 10 A-shares in Peab entitle the owner to 1 A-share in Brinova and 10 B-shares in Peab entitle the owner to 1 B-share in Brinova. Wednesday October 15, 2003 was appointed Record Day for the distribution of shareunits of Brinova.
The meeting discharged the board and CEO from liability for the 2002 financial year. Board members Ulf H Jansson, Jan Segerberg, Hakan Sundin, Annette Brodin Rampe, Karl-Axel Granlund and Mats Paulsson were re-elected. Svante Paulsson was elected to the board for the first time.
Authorized public accountant Thomas Thiel was re-elected ordinary auditor and authorized public accountant Alf Svensson was re-elected alternate auditor.
The meeting also authorized to accord the board the authority to decide on the repurchase of a maximum of 980.000 A-shares and a maximum of 8.700.000 B-shares, but not more than a total of 8.700.000 shares in the company. The shares may be acquired other than in proportion to the shareholders' holdings, and shares may be acquired either on the Stockholm Stock Exchange or through offer to purchase during the period up to the next Annual General Meeting. The price paid for the shares shall be the stock exchange price at the time of purchase with a maximum deviation of + 10%.
The meeting also authorised the board to decide whether to sell the purchased Peab shares during the period up to the next Annual General Meeting. The authorisation gives the board the right to make decisions about to whom the shares are to be sold and the conditions and manner of sale. Where shares are sold on the Stockholm Stock Exchange, the lowest price at which the board is authorised to sell the shares is the stock exchange price at the time of the sale.
These authorisations give the board the right to decide on other issues related to the purchase and sale of Peab shares. The shares may be purchased to improve the company's capital structure, to be used to finance acquisitions or other transactions, or for divestment or redemption purposes.
Regarding a previous company acquisition, a final settlement of the additional purchase-sum has been reached. The seller is now employed in the Peab group. The agreement stipulates that part of the payment will be in the form of shares in Peab AB. In accordance with Lex Leo, the approval of the Annual general Meeting is required for shares in the company to be able to be transferred to an employee. The meeting approved the transfer of 10.000 B-shares in Peab AB to the seller of the company in question.
The meeting further authorised the board to decide on one or more new issues of B-shares during the period up to the next Annual General Meeting. The authorisation is for a maximum of in all 10% of the total registered number of shares at the time of authorisation. Any new issue shall be made according to the market's usual terms and conditions.
The meeting appointed a nomination committee whose members are to be the chairman of the board and three or four shareholder representatives. The names of the members of the committee are to be made known at the time of publication of the company's interim report for the fourth quarter of 2003 at the latest.
The meeting also approved an incentive programme for Brinova, whereby Peab will issue a maximum of 600.000 options, each option entitling the holder to purchase a convertible bond in Brinova from Peab AB between the dates of June 16, 2006 and March 30, 2008. The options will be offered to all employees of Brinova according to market terms and conditions.
For more information please contact: Mats Paulsson, CEO Peab +46 431 89 135, Mats Leifland, CFO Peab +46 733 37 10 06, Gosta Sjostrom, Information Manager Peab +46 733 37 10 10
Previous press releases from Peab are available at www.peab.com
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