Swedish investment company Kinnevik AB wants to propose the distribution of Kinnevik’s shareholding in Zalando to its shareholders at annual general meeting (AGM) this year, the company announced recently. Through the distribution, Kinnevik’s portfolio will become more balanced and focused on its younger high-growth, increasingly unlisted, businesses.
Kinnevik’s strategic plan is to transform its portfolio and reinforce its position as Europe’s leading listed growth investor.Swedish investment company Kinnevik AB wants to propose the distribution of Kinnevik's shareholding in Zalando to its shareholders at annual general meeting (AGM) this year, the company announced recently. Through the distribution, Kinnevik's portfolio will become more balanced and focused on its younger high-growth, increasingly unlisted, businesses.#
Based on the closing price of Zalando's shares on February 15, the intended distribution corresponds to an extraordinary value transfer of approximately SEK 55.1 billion to Kinnevik's shareholders, equivalent to approximately SEK 200 or 0.195 Zalando shares per Kinnevik share, the company said in a press release.
The distribution of the Zalando shares will be made through an automatic share redemption programme followed by a possibility for shareholders to re-register the distributed Zalando shares into shares that can be traded on the Frankfurt Stock Exchange
To finalise the distribution during the second quarter of 2021, Kinnevik’s 2021 AGM will be held on April 29 (instead of May 10 as previously scheduled.
Shareholders representing in aggregate 30 per cent of the shares and 50 per cent of the votes have expressed their support for the distribution and have confirmed that they intend to vote in favour of the distribution at the AGM.
The distribution is a step-change in Kinnevik’s ongoing strategic transformation. The share of Kinnevik’s portfolio invested in younger, high-growth, primarily unlisted businesses increases from 37 to 67 per cent, almost doubling investor exposure to the investment strategy.
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