Axel Johnson AB, New Principal Owner of Mekonomen; Extraordinary General Meeting to Be Held in August.STOCKHOLM, Sweden -- Axel Johnson AB
Axel Johnson AB is a Swedish food importer and retailer, and part of the Axel Johnson Group, with a history going back to 1873. will be the new principal owner of Mekonomen (STO:MEKOB) through the acquisition of shares from the Fraim and Moller families corresponding to 29 per cent of capital and votes, after reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of all Series A shares to Series B shares. As set out in disclosure notices earlier today, 14 July, 2006, from certain shareholders in the company ("the Sellers"), including Leif Moller and Ingemar Fraim who jointly own all Series A shares in the company, and Axel Johnson AB respectively, the Sellers have signed agreements to sell a total of 1,600,000 Series A shares and 7,351,958 Series B shares to Axel Johnson AB. In addition, it was also announced therein that the sales are contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent that the Extraordinary General Meeting resolves to reclassify Verb 1. reclassify - classify anew, change the previous classification; "The zoologists had to reclassify the mollusks after they found new species" class, classify, sort out, assort, sort, separate - arrange or order by classes or categories; "How would you all the company's Series A shares to Series B shares and on such changes to the company's Board of Directors that will be proposed by the Sellers. The block of shares corresponds to 29.0 per cent of the share capital and 39.1 per cent of the number of votes in the company and will, after the reclassification of the company's Series A shares to Series B shares, correspond to 29.0 per cent of both the share capital and the number of the votes in the company. The Sellers have made a request to the Board of Directors that the Board convenes an Extraordinary General Meeting to discuss proposals concerning: --reclassification of all the company's Series A shares to Series B shares, --determination of the number of Board members and deputy Board members, and --dismissal of the Chairman of the Board, Board members and deputy Board members and election of a Chairman of the Board and other Board members. The Board has, in accordance with the above request, decided to convene CONVENE, civil law. This is a technical term, signifying to bring an action. an Extraordinary General Meeting, which is expected to be held in August, 2006. A notice to the Extraordinary General Meeting will be issued shortly. "It is with considerable satisfaction that we hand over to the new principal owner. Mekonomen has a strong market position and we believe that Axel Axel: see Absalon. Johnson will provide the company with continued stability, while simultaneously contributing innovation", say Leif Moller and Ingemar Fraim, founders of Mekonomen. "It is very gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that Mekonomen is gaining a principal owner that has the strength and long-term approach to continue the development of the company's successful business concept", says Christer Zetterberg Christer Zetterberg (born 1941) is a Swedish businessman who is the current Chairman of investment bank Carnegie. Christer Zetterberg graduated with a degree in business. , Chairman of Mekonomen. Mekonomen AB (publ) The Board of Directors Mekonomen is a car spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. chain with an in-house wholesaling business and nationwide network of wholly owned and co-operating stores in Sweden, Norway and Denmark. The Group's turnover primarily comprises sales to workshops and motorists through wholly owned stores and wholesaling to co-operating stores. More information at mekonomen.se This information was brought to you by Waymaker http://www.waymaker.net |
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