Kemira shareholders approve GrowHow stake distribution

04 October 2004 15:44  [Source: ICIS news]

LONDON (CNI)--Shareholders in Finnish chemicals group Kemira approved on Monday proposals to distribute as a dividend payment more than 30m shares in agrochemicals spin-off GrowHow.


The dividend payment date is 13 October, and the distribution will be conditional upon the acceptance of Kemira GrowHow Oyj's shares for public trading on the Helsinki stock exchange.


Each Kemira shareholder will be entitled to one GrowHow share for every four shares in the parent company. The treasury shares owned by Kemira are not entitled to the dividend.


Following distribution of the dividend, Kemira will hold 47.5% of GrowHow shares and the Finnish state 30%. Kemira plans to reduce its holding in GowHow to about 15-20% after about 30% of the agrochemical firm's stock is sold via the stock market flotation.


According to a stock option scheme approved by Kemira’s annual general meeting on 3 April 2001, a distribution of dividends will reduce the subscription price of shares.


“Kemira’s board of directors has decided that the distribution of shares in Kemira GrowHow Oyj as an additional dividend will reduce the subscription price by an amount corresponding to the average price of Kemira GrowHow Oyj shares on the first day of trading, weighted by the trading volume, divided by four,” the company said in a statement. 

By: Hilde Ovrebekk
+44 20 8652 3214

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