Custos' Board of Directors Proposes Redemption of Synthetically Repurchased Shares and Asks for a Mandate to Synthetically Repurchase an Additional 10 Million Shares.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--Jan. 25, 2000 Custos has, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the mandate from the Annual General Meeting held at April 14, 1999, to date synthetically repurchased a total of 3,873,856 shares in Custos through Handelsbanken. In accordance with this mandate, Custos' Board of Directors now proposes to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. the shares on which the synthetic repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. is based through a redemption targeted at Handelsbanken. The redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. will be at a price lower than the market price. Details regarding the share price and volume will be presented before the Annual General Meeting at April 5, 2000. Custos' Board of Directors today also decided to propose that the Annual General Meeting of Custos, to be held on April 5, 2000, give the Board of Directors a new mandate to synthetically repurchase a maximum of 10 million of Custos' own shares. In practice, the procedure is as follows: Custos enters into a swap- agreement with Handelsbanken, in which Custos swaps interest for the total return on the Custos share. The agreement is ended by Custos targeting a redemption of own shares to Handelsbanken, thus eliminating the shares on which the swap-agreement is based. The economic consequence of this agreement equals a redemption of own shares at market price. Christer Gardell Christer Gardell (born 1960) is a Swedish venture capitalist, with a degree from Stockholm School of Economics. His fund Cevian Capital have major investments in Lindex, Skandia, Volvo and TeliaSonera. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Custos, states: &uot;This procedure is attractive to all Custos' shareholders. Those who want to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. shares are offered liquidity in the market, while those who retain their shares receive the excess value that the selling shareholders refrain from. The synthetic repurchase implemented since our last Annual General Meeting has contributed large values for our remaining shareholders&uot;. AKTIEBOLAGET CUSTOS (publ) The Board of Directors For further questions please contact Mr. Christer Gardell (+46 8 440 57 70) Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/01/25/20000125BIT00400/bit0001.doc http://www.bit.se/bitonline/2000/01/25/20000125BIT00400/bit0002.pdf |
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