The board of Fabege, one of Sweden's largest listed property companies, plans to propose at the Annual General Meeting next year that all the shares it holds in peer Klovern be paid out as non-cash dividend. Under the proposal, Fabege's shareholders will get one Klovern share for every two Fabege shares held.
The board of Fabege, one of Sweden's largest listed property companies, plans to propose at the Annual General Meeting next year that all the shares it holds in peer Klovern be paid out as non-cash dividend. Under the proposal, Fabege's shareholders will get one Klovern share for every two Fabege shares held.
Klovern is currently trading at SEK 25.7 (EUR 2.8) per share, implying a dividend per share of about SEK 12.9 (EUR 1.4) per share, researchers at merchant bank Kempen & Co. said. Fabege obtained 46.18 million shares of Klovern earlier in November as part payment for 46 properties sold to Klovern in September. This left Fabege holding the equivalent of 27.7% of the capital and votes in Klovern.
Fabege also announced Roger Johansson, currently administrative director of Fabege, has been appointed executive vice president and chief financial officer as of January 1, 2007. He replaces Olle Knaust who has decided to step down from his post, but will continue to serve as a consultant during the transition. Anders Hornqvist, property director and head of property management in Fabege, has been appointed executive vice president with continued responsibility for property management as of January 1, 2007.
