At today’s Extraordinary General Meeting in STRAX AB (publ) (“STRAX”) it was resolved in accordance with the Board of Directors’ proposal on redemption of shares for repayment to the shareholders.
The redemption of shares is carried out through an automatic redemption procedure, according to which each existing share in STRAX is split into two shares, of which one share – which will be called redemption share – will be redeemed for a redemption proceed of SEK 1.10 per redemption share. To be able to carry out the redemption procedure in a time efficient manner, the share capital will also be increased through a bonus issue. In aggregate 120,592,332 redemption shares will be redeemed to a sum of SEK 132.65 million.
Key dates
Trading in redemption shares on Nasdaq Stockholm is expected to continue from and including January 9, 2019 to and including January 23, 2019, and the record date for redemption of the redemption shares shall be January 25, 2019, whereupon distribution of the redemption proceeds is expected to be executed by Euroclear Sweden AB around January 30, 2019.
The Board of Directors was authorised to adjust the period for trading in the redemption shares as well as the record date for redeeming the redemption shares in the event that the Board of Directors finds it necessary. Further, the Board of Directors was authorised to determine the record date for the share split and with support of this authorisation the Board of Directors has resolved that the record date for the share split shall be January 8, 2019.
Additional information regarding the redemption procedure is included in the information brochure (in Swedish), which is available on the company’s website, www.strax.com.
For further information please contact Gudmundur Palmason, Managing Director, STRAX AB, phone no. +46 8 545 01750.
The information was submitted for publication, through the agency of the contact person set out above, at 4:15 pm CET on December 28, 2018.
About STRAX
STRAX is a market-leading global company specializing in mobile accessories. STRAX has built a House of Brands to complement its value-added customer-specific solutions and services. STRAX House of Brands includes proprietary brands: XQISIT, Urbanista and THOR GLASS, and licensed brands: adidas and bugatti.
In addition STRAX represents over 40 major mobile accessory brands. STRAX sells into all key channels ranging from telecom operators, mass merchants and consumer electronics to lifestyle retailers and direct to consumers online. STRAX was founded in Miami and Hong Kong in 1995 and has since grown across the world.
Today, STRAX has over 200 employees across 13 countries with its operation HQ and logistics center based in Germany. STRAX is listed on the Nasdaq Stockholm stock exchange.