Trelleborg AB Special General Meeting approves conclusion of synthetic buy-back program
Trelleborg AB Special General Meeting approves conclusion of synthetic buy-back program At today's Special General Meeting of Trelleborg AB shareholders, decisions were made to conclude Trelleborg's synthetic share buy-back program through the redemption of 10,000,000 B shares, to cancel 5,000,000 B shares repurchased by the company, and to authorize the Board of Directors to buy back and sell its own shares. The aim of the redemption is to conclude the synthetic buy-back program in accordance with the decision taken by the shareholders at the Special General Meeting on January 24, 2001. Handelsbanken undertook to submit 10,000,000 B shares for redemption. Handelsbanken had acquired these shares to cover the exposure created by Trelleborg's synthetic buyback program. The Special General Meeting also decided to cancel 5,000,000 B shares (corresponding to 4.7 percent of the number of shares in the company), which the company had repurchased. When the cancellation has been completed, which is expected to occur in December, Trelleborg will own 3,960,800 B shares, corresponding to 4.4 percent of the company's shares, when the proposed measures have been implemented. The purpose of the cancellation is to provide the Board with the opportunity, when appropriate, to carry out further buy-backs of the company's own shares. The Special General Meeting also decided to authorize the Board to implement a share buy-back program in accordance with the proposal made. The shares shall be purchased via the Stockholm Exchange during the period up to the Annual General Meeting in 2002. The authorization is limited by the ruling that Trelleborg's holding may not exceed 10 percent of the total number of shares outstanding in the company at any given time. Commenting on the decisions, Trelleborg CEO Fredrik Arp notes: "We have now normalized our financial structure, which was necessary in order to create the right development for our shareholders. At the same time, we retain the financial strength needed to pursue our expansion strategy. "Given the uncertain economic climate, we feel it is natural not to fully exercise our mandate in regard to the synthetic program, while at the same time scope is created for making an additional adjustment at a future date." Further information can be obtained from Trelleborg AB CFO Jan Björck: +46 (0)410 - 670 28, or Vice President, Corporate Communications, Mikael Sjöblom: +46 (0)708 - 55 21 30. Trelleborg is a global industrial group. Operations are based on spearhead competence within polymer materials and a high level of industrial know-how, combined with functional solutions and systems designed to meet the needs of our customers. The Trelleborg Group has annual sales of SEK 19 billion (pro forma, including the most recent acquisitions), with approximately 16,500 employees in 40 countries. Trelleborg consists of four business areas: Trelleborg Automotive, Trelleborg Wheel Systems, Trelleborg Engineered Systems and Trelleborg Building Systems. The Trelleborg share has been quoted on the A list of the Stockholm Exchange since 1964. www.trelleborg.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/11/16/20011116BIT00900/bit0001.doc http://www.waymaker.net/bitonline/2001/11/16/20011116BIT00900/bit0001.pdf