Kinnevik: Extraordinary General Meeting 2020
Kinnevik AB (publ) ("Kinnevik") today held an Extraordinary General Meeting (the "EGM"). The EGM resolved in accordance with the Board's proposal regarding an extraordinary cash value transfer of SEK 7.00 per share to its shareholders through a share redemption plan.
The EGM resolved on an extraordinary cash value transfer to holders of ordinary shares (i.e. holders of Class A shares and Class B shares) in Kinnevik through a share redemption plan. Each ordinary share in Kinnevik (irrespective of share class) entitles to one (1) redemption share, and each redemption share entitles to a redemption amount of SEK 7.00 per share which is expected to be paid out to shareholders around 17 September 2020.
The Board has set the record date for the share split and the right to receive redemption shares to 26 August 2020 (i.e. the same date as stated in the notice and the information material regarding the share redemption plan). This means that the last trading day in the Kinnevik share before the share split including the right to receive redemption shares is 24 August 2020. From and including 25 August 2020, the Kinnevik share will be traded not including the right to receive redemption shares. The redemption shares will be traded on Nasdaq Stockholm from and including 27 August 2020 to and including 10 September 2020. The redemption amount, SEK 7.00 per ordinary share in Kinnevik, will be paid out to holders of redemption shares on 14 September 2020 and will be available on securities accounts/nominee accounts or equivalent around 17 September 2020.
The extraordinary cash value transfer is a result of Kinnevik's divestment of 11.25 million shares in Zalando SE, as announced by Kinnevik on 15 June 2020, and amounts to approximately SEK 1,930m in total.
For more information regarding the extraordinary cash value transfer as a result of Kinnevik's divestment of shares in Zalando SE, please refer to Kinnevik's website www.kinnevik.com under the heading "General Meetings" (which can be found under the section "Governance") where i.a. an information brochure regarding the extraordinary cash value transfer and the share redemption plan is available.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.