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KONE Corporation’s Extraordinary Shareholders’ Meeting held on 17 June, 2005 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 decided to commence repurchasing shares at the earliest on 27 June, 2005. The repurchasing of shares will continue until otherwise announced.
The Company’s own repurchased shares shall 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 6,367,000 shares may be repurchased, of which no more than 952,000 are class A shares and 5,415,000 are class B shares, taking into consideration the provisions of the Companies Act regarding the maximum amount of own shares that the Company is allowed to possess. The proposed amount corresponds to nearly 10 per cent of the share capital of the Company and the total voting rights. The Company does not currently have any own shares in its possession.
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.
Director, Secretary to the Board
Senior Vice President,
Corporate Communications & IR
For further information, please contact:
Tapio Hakakari, Director, Secretary to the Board, tel. +358 (0)204 75 4226
KONE is the world’s fourth largest elevator company and provides complete and innovative solutions for the installation, maintenance and modernization of elevators and escalators and the maintenance of automatic building doors. KONE provides safe and easy access to hundreds of millions of people daily in all parts of the world. KONE has annual net sales of approximately EUR 2.9 billion and about 25,500 employees. Its class B shares are listed on the Helsinki Exchanges.