Following their recently upgraded profits forecast for calculating 2007 dividends, Swedish listed property company Kungsleden has begun distributing a brochure to all its shareholders describing their proposed share redemption process. Subject to a resolution by the EGM to be held on 19 November, each Kungsleden share will be split into two, one of which will be termed a redemption share.
Following their recently upgraded profits forecast for calculating 2007 dividends, Swedish listed property company Kungsleden has begun distributing a brochure to all its shareholders describing their proposed share redemption process. Subject to a resolution by the EGM to be held on 19 November, each Kungsleden share will be split into two, one of which will be termed a redemption share.
Kungsleden shareholders will benefit through the redemption share then being redeemed automatically against a cash payment of SEK 11.50 (EUR 1.24). Trading in redemption shares will be conducted between 29 November and 12 December, and disbursement of the redemption proceeds is scheduled for 20 December at the earliest. Kungsleden have said that they will still retain substantial scope for acquisitions of between SEK 10 and 20 bn (EUR 1.08 and 2.16 bn) on completion of the redemption programme.