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KONE Corporation to Repurchase Own Shares

KONE Corporation to Repurchase Own Shares

Stock Exchange Release Published 22/05/2002

KONE Corporation’s Annual General Meeting held on 22 February, 2002 authorized the Board of Directors to repurchase and redistribute the company’s own shares.

On the basis of this authorization KONE Corporation’s Board of Directors has today decided to commence the repurchase of shares at the earliest on 29 May, 2002. The repurchasing of shares will continue until otherwise announced.
The repurchased shares are to be used as compensation in possible acquisitions and in other arrangements as well as to develop the company’s capital structure.
Altogether no more than 5 percent of the company’s total number of shares may be repurchased, consisting of no more than 174,247 class A shares and no more than 833,479 class B shares, respecting the provisions of the Companies Act regarding the maximum number of own shares held by the company. At the present time, KONE has none of its own shares in its posession.
Class B shares shall be purchased at the market price in public trading on the Helsinki Stock Exchange. Class A shares shall be purchased outside the Stock Exchange at a price equivalent to the average paid for class B shares on the Stock Exchange at the time of purchase.
KONE Corporation
Tapio Hakakari
Director, Secretary to the Board
Annamari Lammassaari
Director, Corporate Communications
For additional information, contact:
Tapio Hakakari, Secretary to the Board of Directors
Phone: +358 400 408 316
www.kone.com