Cargotec to Start Share Repurchases
Cargotec's Board of Directors has decided to exercise the authorization of the Extraordinary Shareholders' Meeting on July 12, 2005 to repurchase the Company's own shares.
The maximum amount of repurchased own shares will be less than ten percent of the Company's share capital and total voting rights. This corresponds to a maximum of 6,367,000 shares so that a maximum of 952,000 Class A shares and a maximum of 5,415,000 Class B shares can be repurchased.
In accordance with the authorization the shares will be repurchased for use in possible acquisitions or in other arrangements as well as to develop the Company's capital structure.
Class B shares shall be purchased at the market price in public trading on the Helsinki Stock Exchange. Class A shares shall be purchased outside the Stock Exchange at a price equivalent to the average paid for class B shares on the Helsinki Stock Exchange at the time of purchase. Share repurchases will be released on the transaction days through stock exchange announcements.
The repurchases will at the earliest start on July 22, 2005.