A-shares and B-shares to become one class
In connection with the elimination of the distinction between A-shares and B-shares, at a meeting on 30 September 1999 the Board of Directors of Orkla ASA decided to increase the companys share capital by means of a rights issue for shareholders owning A-shares. The decision to increase share capital was made in accordance with the power of attorney granted by the General Meeting on 6 May 1999.
A resolution was adopted to increase the companys share capital by up to NOK 140,069,513 by issuing up to 22,411,122 shares. The subscription price will be NOK 6.25 for each share. Shareholders holding A-shares at the end of trading on 7 October 1999 will be allotted subscription rights, entitling them to subscribe for one new A-share in Orkla ASA for every seven A-shares against cash payment by 10 December 1999. The preferential right of owners of B-shares, cf. the Public Limited Liability Companies Act, section 10-4, was set aside by the General Meeting on 6 May 1999.The subscription period will be from 8 November to 22 November 1999, both dates included. The new shares will entitle shareholders to a dividend from the financial year 1999. The subscription rights will be listed on the Oslo Stock Exchange. As soon as the share issue has been registered in the Norwegian Registry of Business Enterprises, the company will have only one class of share with equal rights. This is expected to take place around 15 December 1999.
Further information on the elimination of the distinction between A-shares and B-shares may be found in Orklas report for the first eight months of 1999.