Press release - Redemption of preference shares
In accordance with its previously announced intention, the board of Ferronordic Machines AB (publ) (“Ferronordic” or the “company”) has decided to reduce the company’s share capital by approx. SEK 5,958 by redemption of all remaining 66,728 A-preference shares in the company (“preference shares”). The total redemption price amounts to approx. 81 million.
Following the redemption, Ferronordic will no longer have any preference shares outstanding. Consequently, the preference shares will also be delisted from Nasdaq First North.
According to the articles of association, the redemption price for each preference share is SEK 1,200, plus accrued and unpaid dividends, which are expected to amount to SEK 8.31 per share. The record date for the redemption is 15 May 2018. The redemption price is expected to be paid on 18 May 2018. Redemption of preference shares and payment of the redemption price will be handled by Euroclear Sweden AB.
The redemption does not affect the preference dividend with record date 2 May 2018 which was resolved by the company’s annual general meeting.
The redemption procedure is automatic, which means that the shareholders do not need to take any actions. Holders of preference shares are entitled and obligated to have all of their preference shares redeemed.
Shareholders who wish to sell preference shares should note that the last day of trading of preference shares to not be included in the redemption procedure is 11 May 2018 and that transactions made from and including 14 May 2018 will not be settled before the redemption.
2 May 2018 Record date for preference share dividend
7 May 2018 Expected payment of preference share dividend
11 May 2018 Last day of trading of preference shares to not be included in the redemption
15 May 2018 Record date for redemption
18 May 2018 Expected payment of redemption price
Ferronordic is the authorized dealer of Volvo Construction Equipment, Terex Trucks, Dressta, Mecalac and Rottne in Russia. In certain parts of Russia, Ferronordic has also been appointed aftermarket dealer for Volvo and Renault Trucks, as well as dealer for Volvo Penta. Ferronordic began its operations in 2010 and has expanded rapidly across Russia. The company is well established in all federal districts with 77 outlets and over 850 employees. The vision of Ferronordic Machines is to be regarded as the leading service- and sales company in the CIS markets. The ordinary shares in Ferronordic Machines AB (publ) are listed on Nasdaq Stockholm. The preference shares in the company are listed on Nasdaq First North Premier. The company has appointed Avanza Bank AB as its Certified Advisor.
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This information is information was submitted for publication on 27 April, 14:00 CET.
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