Retirement of repurchased shares
The Board of JM AB decided today to propose that an extraordinary meeting of shareholders to be held on 17 October 2001 approve a cancellation of the 3,324,100 shares repurchased by JM during the current year (corresponding to 10 per cent of the total number of shares in the company) through retirement.
The object of the retirement is to create opportunities for redistribution of capital through additional share buy-backs in connection with ongoing property sales.
When the retirement is completed, which is expected to take place in mid-November, JM will no longer hold any of its own shares. This will create scope for further share buy-backs as approved by the annual general meeting in April this year, whereby the Board was authorized to repurchase shares so that JM holds no more than 10 per cent of all shares in the company at any given time.
As part of the retirement of the repurchased shares and in order to expedite the administrative process, the Board proposes a directed issue of 3,324,100 redeemable shares of a new class C to Handelsbanken, to be subscribed for in a nominal amount of SEK 13,296,400. It is proposed that these shares be redeemed for an essentially corresponding amount.
“Retirement of the repurchased shares would enable the Board to follow up future property sales with a redistribution capital through share buy-backs as a means for maintaining a suitable capital structure for the company”, says JM’s President and CEO Carl Eric Stålberg.
For additional information, please contact CFO Claes Magnus Åkesson,
telephone +46 8 782 89 71.
Stockholm, 11 September 2001
JM AB
Group Staff Corporate Communications
This and earlier press releases are also available at
JM AB är ett publikt bolag noterat på Stockholmsbörsen och Sveriges ledande bostadsutvecklare. Antalet anställda i Sverige, Norge och Danmark är cirka 2.200 och omsättningen uppgår till cirka 6 miljarder kronor. Verksamheten bedrivs med fokus på projektutveckling av såväl bostader som kommersiella lokaler i centrala lägen i expansiva orter. En bred satsning på kvalitets- ochmiljöfrågor kännetecknar verksamheten.JM AB / / 169 82 Stockholm / / Besöksadress: Telegrafgatan 4, Solna
Tel. 08-782 87 00 / / Fax 08-782 86 00 / /