ÅF - Public announcement of the Board of Directors' proposal for a new share issue
At its meeting on 14 March 2005 the Board of Directors of Aktiebolaget Ångpanneföreningen (publ) decided to make a proposal to the general meeting of shareholders on 28 April 2005 to raise a convertible subordinated debenture up to a ceiling of a nominal amount of SEK 96,000,000, which may later be converted to class "B" shares in the company.
The main conditions attached to the Board's proposal are outlined below.
The issue will be made to employees of Aktiebolaget Ångpanneföreningen (publ) and its subsidiaries in Sweden. If the Board deems it reasonable and appropriate, the offer will also be extended to employees in Norway and Finland. Each employee will be entitled to subscribe for a maximum nominal amount of SEK 1,000,000.
The subscription period will run from 17 May up to and including 6 June 2005. The issue price for the convertible subordinated debenture will correspond to the nominal value of the loan. Settlement shall be made in cash or set-off against claims outstanding in accordance with the company's subordinated debenture 2000/2005 by 17 June 2005 at the latest.
The loan will attract an annual interest calculated on an interest rate corresponding to STIBOR 360 days and will fall due on 30 June 2008. It may be converted with effect from 12 January 2007 up to and including 30 May 2008 at a conversion rate set at 123 percent of a calculation of the average market value of the ÅF Group share during the period 17-27 May 2005, but no lower than SEK 140.
The Board's proposal is intended to create an incentive programme for the Group's employees.
Stockholm, Sweden - March 2005
The Board of Directors
The press release can be downloaded from the following link:
The ÅF Group is a leading name in technical consulting. We offer highly qualified services and solutions for process industries, infrastructure projects and the development of products and IT systems. We also carry out certified third-party testing and inspection work.
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Our proven proficiency in engineering is founded on the in-depth specialist knowledge of many branches of industry that we have built up over more than one hundred years. Today the ÅF Group comprises 2,700 employees based in some 50 locations in Sweden and in almost a dozen other European countries