Stockholm, Sweden-based Atlas Copco AB’s redemption shares of series A and series B were redeemed last week, and payment to the shareholders of approximately SEK 24.4 billion (U.S. $3.4 billion) is expected to take place on June 20.
As part of the redemption procedure approved by the annual general meeting on April 26, Atlas Copco AB carried out a share split where each share was split into three shares, of which one redemption share. Upon completion of the procedure the redemption shares are redeemed at a price of SEK 40 per share (U.S. $5.64).
The Swedish Companies Registration office last week registered a reduction of Atlas Copco’s share capital of SEK 262,002,730 through redemption of 628,806,552 redemption shares, of which 419,697,048 redemption shares of series A and 209,109,504 redemption shares of series B. Further, an increase in the company’s share capital of SEK 262,002,730 is registered following a bonus issue. The increase in the share capital is transferred from the non-restricted equity. No new shares are issued in connection with the bonus issue. Atlas Copco’s share capital is consequently restored to the same level as prior to the redemption procedure.
Following these transactions Atlas Copco has a total of 1,257,613,104 outstanding shares, of which 839,394,096 series A shares and 418,219,008 B shares.
The redemption procedure means that in total SEK 24.4 billion (U.S. $3.4 billion) will be distributed to Atlas Copco’s shareholders. Payment to the shareholders is expected to take place on June 20, 2007.
Since May 18, the Atlas Copco share is traded in round lots of 200 shares.
In other company news, Jeanette Livijn was appointed vice president organizational development and human resources for the Atlas Copco Group, and as a member of Atlas Copco’s group management. She will begin in this position Aug. 1.
“Jeanette Livijn has been deeply involved both in the successful reorganization of the Industrial Technique business area and in appointing leaders and managers that will bring the business forward in line with the strategy,” said Gunnar Brock, president and CEO of Atlas Copco. “Her solid knowledge and experience will be extremely useful for the group, and I am happy to welcome her into her new position.”
Livijn was hired by Atlas Copco in 1987. She held the positions of controller and financial manager in two of the group’s business areas from 1988 to 1996. In 1996 she was appointed human resources manager for the Atlas Copco Industrial Tools and Assembly Systems division. Since 2006, Livijn has served as vice president human resources for the Industrial Technique business area.
Atlas Copco provides products and services ranging from compressed air and gas equipment, generators, construction and mining equipment, industrial tools and assembly systems, to related aftermarket and rental.