LINKÖPING, Sweden--(BUSINESS WIRE)--Regulatory News:
Today, the IT and medical technology company Sectra (STO:SECTB) held an Extraordinary General Meeting (EGM) at the company’s headquarters in Linköping, Sweden. Pursuant to the Board’s proposal, the EGM resolved that SEK 5 per share be transferred to shareholders through a 2:1 share split, combined with a mandatory redemption process and stock dividend. All in all, the decision entails that SEK 184,210,440 will be repaid to shareholders.
The reason for the transfer is Sectra’s strong financial position, with an equity/assets ratio of 64% on the most recent reporting date. Sectra’s financial position for this financial year was significantly strengthened due to the divestment of the operation for the development, production and marketing of the Sectra MicroDose Mammography modality. Sectra’s equity/assets ratio shall amount to not less than 30% according to the company’s financial targets, which will also be achieved with ample margin after the decision concerning the redemption process.
The redemption process is automatic, entailing that no action is required from shareholders. It will also be possible to trade redemption stock of class B shares on NASDAQ OMX Stockholm AB from December 8, 2011 until December 20, 2011. More information about the redemption process is available on Sectra’s website.
Timetable for the redemption process
| December 2 | Last day of trading in Sectra shares before split, including the right to redemption shares | ||
| December 5 | First day of trading in Sectra shares after the split, excluding the right to redemption shares | ||
| December 7 | Record day for the share split. Every share will be divided into two shares, of which one will be a redemption share | ||
| December 8 - 20 | Trading in redemption shares | ||
| December 23 | Record day for redemption of redemption shares | ||
| December 29 | Preliminary date for payment of redemption settlement via Euroclear Sweden. |
The information in this press release is such that Sectra AB (publ) is obligated to disclose in compliance with the Swedish Securities and Clearing Operations Act. The information was submitted for publication on November 22, 2011 at 15:30 (CET).
About the Sectra Group
Sectra was founded in 1978 and has its roots in Linköping University in Sweden. The company’s business operation includes cutting-edge products and services within the niche segments of medical systems and secure communication systems. Sectra has offices in 12 countries and operates through partners worldwide. Sales in the 2010/2011 fiscal year totaled SEK 784 million. The Sectra share is quoted on the NASDAQ OMX Stockholm AB exchange. For more information, visit www.sectra.com.
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