KONE Corporation's Board of Directors has decided at its meeting on 21 October, 2005 to convene an Extraordinary General Meeting of Shareholders on 21 November, 2005 and to propose a two-for-one share split.
The Board proposes that, in order to improve share liquidity, the number of the company’s shares be increased in proportion to the holdings of the shareholders by doubling the number of shares from 63,867,465 to 127,734,930 shares without increasing the share capital. The number of class A shares will increase to 19,052,178 and the number of class B shares to 108,682,752. As a result, each share with the current accounting par value of EUR 1.00 will be split into two shares with accounting par values of EUR 0.50.
These share amounts include 42,180 new class B shares subscribed for with KONE 2005 option rights in October. The increase in the company’s share capital will be registered on or about 26 October, 2005.
The share split does not require a change in the Articles of Association.
Director, Secretary to the Board
Senior Vice President, Corporate Communications & IR
For further information, please contact:
Tapio Hakakari, Director, Secretary to the Board, tel. +358 400 408 316
KONE is the world’s fourth largest elevator and escalator 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 three billion and about 27,000 employees. Its class B shares are listed on the Helsinki Exchanges.