Further to the announcement of the results of the accelerated bookbuild of shares in Zalando SE (“Zalando”), Kinnevik AB (publ) ("Kinnevik") today announced that its Board of Directors has resolved to propose an extraordinary cash distribution of SEK 7.00 per share, equivalent to SEK 1.9bn in aggregate. Kinnevik’s Board of Directors intends to propose the distribution to an Extraordinary General Meeting of shareholders to be held no later than during August 2020.
With the divestment of a 4.4 percent shareholding in Zalando, Kinnevik’s balance sheet is strengthened with some SEK 6.8bn in gross proceeds from the transaction. Accordingly, Kinnevik’s Board of Directors has resolved to propose an extraordinary cash distribution of SEK 7.00 per share, equivalent to SEK 1.9bn in aggregate, to an Extraordinary General Meeting of shareholders.
Kinnevik’s CEO, Georgi Ganev, commented:
”With the sell-down in Zalando, we have significantly strengthened our financial position, enabling us to capitalize on upcoming opportunities within the high-performers of our younger growth portfolio. By proposing a SEK 1.9bn extraordinary dividend, we ensure we remain lean and financially disciplined, and that we honor our commitment to our shareholder remuneration policy.”
The complete proposal, including the terms for the extraordinary cash distribution, will be set out in the upcoming notice to the Extraordinary General Meeting to be held no later than during August 2020.
This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 22.15 CET on 15 June 2020.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.