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Name | Symbol | Market | Type |
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Akbank 5.000% A | LSE:16OG | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 100.25 | 0 | 01:00:00 |
RNS Number:1708F Perstorp AB 13 June 2001 Perstorp's Annual General Meeting * Meeting approves spin-off of Pergo AB * Inquiry reports regarding last year's takeover offer contain no criticism of Perstorp Board The Annual General Meeting approved the proposed spin-off of all of the shares in the subsidiary Pergo AB. After the Board withdrew its proposal regarding a cash dividend, the Meeting decided that no cash dividend would be paid. The record date for receipt of the shares in Pergo AB was set at June 15, 2001. The shares in Pergo AB are expected to be available in the VP (securities) accounts of eligible shareholders on June 19, 2001. The above resolution entails that trading in Pergo shares on the Stockholm Exchange (Stockholmsborsen) will commence on June 19, 2001 and that all of the conditions for Sydsvenska Keml's acquisition of Perstorp AB have been fulfilled. At the Meeting, the Board of Directors - with reference to Sydsvenska keml's acquisition - withdrew its proposal that the Board be authorized to make decisions regarding the purchase and transfer of Perstorp shares. The Meeting re-elected Fredrik Arp, Gunnar Brock, Ake Fredriksson, Christer Gardell, Urban Jansson and Wilhelm Wendt as members of the Board and elected John Abrahamson as new member of the Board. At the statutory Board meeting held Immediately after the Annual General Meeting, Urban Jansson was re-appointed Chairman of the Perstorp AB Board and a decision was made to convene an Extraordinary General Meeting of Perstorp shareholders for July 9. At the Annual General Meeting, Chairman of the Board Urban Jansson presented an account of the way Perstorp's Board of Directors and Executive Management had handled the takeover offer that Industri Kapital directed to Perstorp shareholders last year and its withdrawal. This occurred against the background of two inquiry reports that had been released In connection with the Meeting and distributed to Meeting participants. One of the inquiries was conducted jointly by Lars Bredin, former head of the Stockholm exchange, and Authorized Public Accountant Bo Magnusson. They found no reason to criticize the manner and scope in which Perstorp provided information to Industri Kapital in connection with the offer process. Nor did they find any reason to criticize the Perstorp Board for its actions in connection with Industri Kapital's withdrawal of its offer. Following a request from the Swedish Shareholders' Association that the action of the Board of Directors be illuminated from the perspective of the grounds for claims for damages, Perstorp commissioned Supreme Court Justice Johan Munck to conduct an inquiry, in which he was assisted by Ragnar Boman, Master of Business Administration, and Consulting Professor Rolf Skog. In his inquiry report, Johan Munck stated that the Company, meaning Perstorp AB, would not be able to successfully pursue a court process regarding a claim for damages from the Board of Directors or the President. He also stated that the Board and the President had not contravened the Swedish Companies Act in connection with either its provision of information to Industri Kapital or Industri Kapital's withdrawal of its offer. Accordingly, there are no grounds for shareholders to direct a claim for damages against the Board of Directors or the President. Urban Jansson also mentioned that the Swedish Securities Council had presented a statement from the Stockholm Exchange (Stockholms Borsen) in October 2000 in which it was concluded that there was no reason to criticize Perstorp for its provision of information to Industri Kapital in connection with the offer process. Lars-Erik Forsgardh, president of the Swedish Shareholders' Association, commented on the reports at the Meeting and stated that the Swedish Shareholders' Association endorsed the conclusions made in the reports end therefore gave its support to the Board of Directors and CEO being discharged from personal liability. In response to a question from Lars-Erik Forsgardh regarding Pergo's earnings capacity, Christer Gardell, Chairman of Pergo's Board, explained that he "would be tremendously disappointed if we did not report a profit during 2002." At the Annual General Meeting, Ake Fredriksson, Perstorp's President and Chief Executive Officer, presented a report on Perstorp's operations and on the streamlining the Group had undergone during recent years. In addition, Pergo's President. Michael Boris-Moller, was presented to the Meeting, prior to the decision to spin-off this company and list it on the stock exchange. The two inquiry reports are available on Perstorp's website www.perstorp.com, as are the addresses by Urban Jansson and Ake Fredriksson. June 12, 2001 Perstorp AB Corporate Communications For further information please contact Corporate Communications tel +46 435 382 62
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