Electrolux 2005 Annual Report Download - page 46
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Proposed renewed mandate for repurchase
of shares
The Annual General Meeting in 2005 authorized the Board of
Directors to acquire and transfer own shares during the period up
to the next Annual General Meeting in April 2006. Shares of
series A and/or B may be acquired on the condition that following
each repurchase transaction the company owns a maximum of
10% of the total number of shares. As of February 6, 2006, the
Group owned a total of 15,411,559 B-shares, corresponding to
4.99% of the total number of outstanding shares, which amounts
to 308,920,308.
The Board of Directors has decided to propose that the
Annual General Meeting approve a renewed mandate for the
repurchase of a maximum of 10% of the total number of shares.
This authorization would cover the period up to the Annual Gen-
eral Meeting in 2007. The details of the proposal will be commu-
nicated after they have been determined by the Board.
Report by the Board of Directors for 2005
Repurchase of own shares 2003–2005
2005 2004 2003
Number of shares bought back — 750,000 11,331,828
Total amount paid, SEKm — 114 1,688
Price per share, SEK — 152 149
Number of shares held by Electrolux at year-end 15,821,239 17,739,400 17,000,000
% of outstanding shares 5.1 5.7 5.2
1) After cancellation of shares.
In 2005, Electrolux did not repurchase any shares. In the course
of the year, senior managers purchased 1,785,161 B-shares from
Electrolux under the terms of the employee stock option pro-
grams for a total of SEK 306m, corresponding to an average
price of SEK 171.40 per share. In addition, 133,000 B-shares
were sold by Electrolux in 2005 in order to cover the costs of
employer contributions for the stock option programs.
Number of shares
Shares held
Outstanding Outstanding Shares held by other
A-shares B-shares by Electrolux shareholders
Number of shares as of January 1, 2005 9,502,275 299,418,033 17,739,400 291,180,908
Shares sold under the terms of the employee
stock option programs — — –1,918,161 1,918,161
Total number of shares as of December 31, 2005 9,502,275 299,418,033 15,821,239 293,099,069
Shares sold under the terms of the employee
stock option programs January 1–February 6, 2006 — — –409.680 409,680
Total number of shares as of February 6, 2006 9,502,275 299,418,033 15,411,559 293,508,749
1)