Dividends will be paid in the amount of SEK 58 per share for financial year 2004. The record day is Monday, 4 July 2005. Dividends are expected to be issued by VPC (the Swedish Central Securities Depository & Clearing Organisation) on Tuesday, 12 July 2005.
Board of Directors
The following individuals were re-elected as Members of the Board of Directors: Per Frankling, Bo Jungner, Kerstin Lindberg-Göransson, Mats Lönnqvist, Mark H Newman, Risto Silander and Edward Williams. Mark H. Newman was re-elected as Chairman of the Board. The total amount of Board fees is SEK 1,600,000, to be divided such that the Chairman of the Board receives SEK 200,000, other Board Members receive SEK 200,000 each, the Chairman of the Remuneration Committee receives an additional SEK 100,000 and the Chairman of the Audit Committee receives an additional SEK 100,000. Audit fees are paid according to standard debiting norms.
Prior to the 2006 Annual General Meeting, Arne Karlsson (Managing Director of Ratos AB), Mark H Newman (Managing Director of Lehman Brothers) and John Örtengren (as a represent of the Sveriges Aktiesparares Riksförbund, the Swedish Shareholders' Association) were appointed as members of the Nomination Committee.
Reduction in share capital, amendment to the Articles of Association and reductions in the share premium reserve and in the statutory reserve.
The Annual General Meeting resolved in favour of the Board's proposal to reduce the amount of the company's share capital on the basis of the withdrawal of the company's own holdings of shares in Tornet, with no repayment to the shareholders, and to reduce the amount of the company's share capital on the basis of decreasing the nominal amount per share. This reduction in share capital shall take place partly in order to make provisions to a fund to be utilised according to a resolution by the Annual General Meeting, and partly in order to make repayments to shareholders. The company's share capital will be reduced by a total amount of SEK 1,069,489,840, and a total of SEK 491,382,674 will be paid to the shareholders.
The Annual General Meeting also resolved to reduce the company's share premium by an amount of SEK 119,280,887 and reduce the company's statutory reserve by an amount of SEK 278,180,710. The amounts of these reductions will be transferred to non-restricted reserves.
The resolutions regarding these above-mentioned reductions may not be executed until consent of the court has gained legal force. Repayments to shareholders shall take place as soon as possible after statutory permission has been obtained and after the Swedish Companies Registration Office has registered the reduction in share capital. After the execution of the above-mentioned resolutions, the company's share capital will amount to SEK 258,622,460 and the number of issued shares will amount to 25,862,246.