Investment AB Kinnevik (publ) ("Kinnevik") today announced that the Board of Directors decided to implement a share buy-back programme. The sole purpose of the buy-back programme is to reduce Kinnevik's share capital by redemption of the repurchased shares. By executing the share buy-back programme, Kinnevik will return additional funds to the shareholders and it is the Board's assessment that Kinnevik will reach a more optimal balance sheet structure.
Kinnevik's Annual General Meeting of shareholders held on 15 May 2008 authorised the Board of Directors to repurchase own shares, which authorisation the Board now utilises. The programme is implemented in accordance with the Commission Regulation (EC) No 2273/2003 of 22 December 2003 (the "EC-Regulation") and it shall be lead-managed by an investment firm or a credit institution which makes its trading decisions in relation to Kinnevik's shares independently of, and without influence by, Kinnevik.
The repurchase of own shares shall meet the following conditions:
1. The repurchase of Class A and B shares shall take place on the OMX Nordic Exchange Stockholm in accordance with the rules regarding purchase of own shares as set out in the EC-Regulation and in accordance with the OMX Nordic Exchange Stockholm's Rule book for issuers.
2. Repurchase of Class A and B shares may take place on one or more occasions from today up until 30 November 2008. Not more than 25 % of the average daily volume may be purchased in any one day.
3. Repurchase of Class A and B shares at the OMX Nordic Exchange Stockholm shall be made at a price within the share price interval registered at that time, where share price interval means the difference between the highest buying price and lowest selling price. The highest price may not exceed the highest price allowed by Article 5 in the EC-Regulation. The total consideration for repurchases may not exceed SEK 300 million.
4. A total maximum of 3,500,000 Class A and B shares may be repurchased.
5. Payment for the shares shall be in cash.
Kinnevik does currently not own any of its own shares. The Board will propose to the next Annual General Meeting to reduce the share capital through cancellation of the repurchased shares.
For further information, visit www.kinnevik.se or contact:
Mia Brunell Livfors, President and Chief Executive Officer
+46 (0)8 562 000 00
Torun Litzén, Director Investor Relations
+46 (0)8 562 000 83
+46 (0)70 762 00 83
Investment AB Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's operations include three comprehensive business areas; Major Listed Holdings which includes Millicom International Cellular, Tele2, Modern Times Group MTG, Metro International and Transcom WorldWide, Major Unlisted Holdings which includes the cartonboard and paper company Korsnäs, and New Ventures which is active in finding new investments in small and mid sized companies with a significant growth potential. Kinnevik plays an active role on the Boards of its holdings.
Kinnevik is domiciled in Stockholm. The Kinnevik Class and Class B shares are listed on OMX Nordic Exchange Stockholm, Large Cap segment, within the financial and real estate sector. The ticker codes are KINV A and KINV B.