There’s big news happening within KONE Corporation.
KONE Corporation’s Annual General Meeting held on March 5, 2012 authorized the Board of Directors to repurchase the company’s own shares. On the basis of this authorization, KONE Corporation’s Board of Directors has decided to commence the possible repurchasing of shares at the earliest on March 13, 2012. The repurchasing of shares can continue until otherwise announced.
Altogether no more than 25,570,000 shares may be repurchased, of which no more than 3,810,000 are to be class A shares and 21,760,000 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. KONE Corporation currently has 5,796,350 class B shares in its possession.
The minimum and maximum consideration for the shares to be purchased is determined for both class A and class B shares on the basis of the trading price for class B shares determined on the NASDAQ OMX Helsinki Oy on the time of purchase.