Investment AB Kinnevik - EGM 19 September 2020
ECGS notes that, due to the COVID-19 pandemic, shareholders are strongly advised not to attend the meeting in person, but to make use of the alternative means to participate that Investment AB Kinnevik ("Kinnevik"), including a webcast, voting by proxy and submitting questions prior to the meeting.
As announced on June 15, 2020, Kinnevik successfully completed a divestment of 11.25 million shares in Germany-based Zalando AG (“Zalando”) corresponding to 17.2% of the Company’s shareholding in Zalando prior to the transaction.
Kinnevik’s gross proceeds from the transaction amounted to EUR 645 million (nearly SEK 6.8 billion). In line with the Company’s dividend policy to return excess capital generated by its investments to shareholders through extra dividends, the board of directors propose to distribute an extraordinary (cash) dividend of SEK 7.00 per share.
Accordingly, approval is sought for an extraordinary distribution of cash through a share redemption under ITEMS 7a-7e.
It is furthermore proposed that the distribution of the extraordinary dividend (as presented above) shall be made through a share redemption. This means that one (1) ordinary share in Kinnevik shall entitles to one (1) redemption share, and each redemption share will entitle to a redemption amount of SEK 7.00 per share, corresponding to a cash value transfer to Kinnevik’s ordinary shareholders of approximately SEK 1.9 billion in aggregate.
ECGS notes that the total amount to distributed (approx. SEK 1.9 billion) is covered by the proceeds generated from the Zalando transaction (nearly SEK 6.8 billion). ECGS therefore recommends to vote FOR.
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