Proposals regarding cancellation of repurchased shares, reduction of statutory reserve and new program to repurchase own
Trelleborg's Board convenes Special General Meeting Proposals regarding cancellation of repurchased shares, reduction of statutory reserve and new program to repurchase own shares At a special meeting on Friday, the Trelleborg AB Board decided to summon shareholders to a Special General Meeting on Tuesday, June 27, 2000. At the Special General Meeting, the Board will propose a SEK 293,353,800 reduction in the Company's share capital through the cancellation of the shares repurchased by the Company (11,734,152 shares, corresponding to 10 percent of the total number of shares outstanding) and a SEK 775,000,000 reduction in the statutory reserve. The Board also proposes that the Special General Meeting authorize the Board to repurchase a further 10 percent of the outstanding shares in the Company during the period up to the next Annual General Meeting, when the reduction in share capital has been completed. It is proposed that the new share-repurchase program follow the same terms and conditions that were approved at the year 2000 Annual General Meeting earlier this year. "When fully utilized, the two share-repurchase programs combined result in increased earnings of approximately 80 öre per share and year, which is a good investment based on current share price levels," says Trelleborg President and CEO Fredrik Arp. Even if the new share-repurchase program is fully utilized, the Group will have substantial financial resources that will enable its expansive, acquisition-driven growth to continue. The Special General Meeting will be held in the Forum conference center, Trelleborg, at 4 pm on June 27, 2000. For further information please contact, CFO Jan Björck, phone: +46 410 670 28, or Senior Vice President Corporate Communications, Mikael Byström,, phone +46 410 670 37 (Mobile +46 708 55 21 69). www.trelleborg.com ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/06/09/20000609BIT00390/bit0001.DOC http://www.bit.se/bitonline/2000/06/09/20000609BIT00390/bit0002.pdf