STOCKHOLM, Sweden, Sept. 11, 2003 (PRIMEZONE) -- Based on an authorization by a special meeting of shareholders on August 8, 2003, Framfab's board of directors decided on September 10, 2003 to carry out a special issue of 110,000,000 new shares. The purpose of the issue is to increase the number of Framfab's large institutional shareholders, to provide greater security for the company's clients, and to ensure that the company will enjoy a solid financial standing prior to the likely consolidation of the market in which Framfab intends to take an active part.
The issue was aimed at a limited number of large institutional investors, of which a number of established players have obtained considerable shareholdings. The shares, which were priced at 0.33 kronor each, will provide Framfab with a capital contribution of 36.3 million kronor prior to underwriting expenses.
All subscribers for the issue will receive paid subscribed shares, commonly named BTAs in Swedish, which the company will issue in connection with the issue of new shares. The BTAs will be converted to shares once the issue of new shares has been registered with the Swedish Patent and Registration Office (PRV) within an estimated two weeks time.
Including this issue, the number of Framfab shares totals 614,996,418.
Framfab is a leading provider of consulting services and business solutions based on Internet technology. Most of Framfab's customers are big international companies, including 3M, AXA, the Coca-Cola Company, Danske Bank, Ericsson, Hydro Texaco, IKEA, Kellogg's, Maersk Sealand, NEC Packard-Bell, Nike, Observer, Postbank, SAAB, Volvo Car Corporation and UBS. Framfab operates in Denmark, Germany, the Netherlands, Sweden and Switzerland. The company is quoted on the O list of the Stockholm Stock Exchange (ticker symbol FRAM). For more information, please visit www.framfab.com.
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