Stockmann’s shareholder’s proposal to combine the share series and a directed free share issue included in the agenda of the Annual General Meeting
Helsinki, Finland, 2016-01-29 08:25 CET (GLOBE NEWSWIRE) —
STOCKMANN plc, Company Announcement 29.1.2016 at 9:25 EET
Stockmann plc’s Board of Directors has received a demand in accordance with Chapter 5 Section 5 of the Companies Act from HTT STC Holding Ltd to have a combination of the share series, a directed free share issue pertaining to the combination, and a change in the Articles of Association to be included in the agenda of the forthcoming Stockmann Annual General Meeting. HTT STC Holding is a subsidiary of Hartwall Capital Ltd, representing 11.68 per cent of the shares and 10.69 per cent of the votes in Stockmann plc (status at 28 January 2016).
The Annual General Meeting is scheduled to be convened on 15 March 2016 in Helsinki. The notice to convene in full will be published on 18 February 2016. The Board of Directors will include in the notice and in the agenda of the Annual General Meeting the shareholder’s proposal which consists on the following main points:
”Stockmann plc’s (“Company”) shareholder HTT STC Holding Ltd, representing over 10 per cent of the Company’s shares, proposes to the Annual General Meeting that the Company’s two share series be combined so that the provisions concerning the Company’s different share series are removed from the Articles of Association, and following the measures taken to combine the share series, the Company would have only a single class of shares which is publicly listed and the shares would carry one vote each and otherwise have equal rights.
The shareholder proposes that a free share issue would be directed to holders of the Company’s Series A shares in such a way that for each forty (40) Series A shares held three (3) new shares would be given in the Company’s single share series, after the amendment of the Articles of Association. New shares that in the share issue would be given as fractions of shares would be sold on behalf of those entitled to such shares.”
Stockmann has two series of shares which are both listed on Nasdaq Helsinki. Series A shares each confer 10 votes, while Series B shares each confer one vote. The shares carry an equal right to dividends. The total number of shares is 72 048 683, including 30 553 216 Series A shares and 41 495 467 Series B shares (status at 28 January 2016).
Jukka Naulapää, Director, Legal Affairs, tel. +358 9 121 3850