ISIN.net news update courtesy of notification provided by Klövern. Klövern is one of the largest real estate companies in Sweden.
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Information regarding previously communicated reverse share split
Klövern’s Extraordinary General Meeting resolved on 22 October 2014 to carry out a reverse share split meaning that two (2) existing shares, independent of share class, are consolidated into one (1) share of the same share class. Following the reverse share split, each share will have a quotient value of SEK 2.
- Last day of trading before the reverse share split is 18 December 2014
- First day of trading after the reverse share split is 19 December 2014. From this date the reverse share split is reflected in share prices
- Record date of the reverse share split is 22 December 2014
- Payment of proceeds from the sale of surplus shares will be around 9 January 2015
- Shareholders do not need to take any action in order to participate in the reverse share split.
Following the reverse share split, the total number of shares will be reduced from 1,864,875,960 shares to 932,437,980 shares, divided on 83,272,180 ordinary shares of Class A, 832,721,800 ordinary shares of Class B and 16,444,000 preference shares.
For shareholders whose shares on the record date are not evenly divisible by two, Klövern will at the company’s expense arrange that the surplus shares are sold by Swedbank. The aggregated proceeds of the sale will be distributed to shareholders who owned the surplus shares on the record date, in relation to their share in the shares sold. This will occur by way of cash payment around 9 January 2015 and through Euroclear Sweden AB.
In connection with the reverse share split, the terms of the preference shares concerning dividend, right of redemption and right to participate in distribution of the company’s assets upon dissolution of the company, will be adjusted to render them consistent with the new number of shares, in accordance with the Extraordinary General Meeting’s resolution.
From 19 December 2014, Klövern’s shares will have the following ISIN codes:
- Ordinary shares of Class A: SE0006593901
- Ordinary shares of Class B: SE0006593919
- Preference shares: SE0006593927.