The Board of Directors of Nyfosa and Sagax intends to propose their Annual General Meetings to resolve on a dividend in kind in the form of shares corresponding to 15 percent of the total number of shares in Torslanda Property Investment (TPI). Nyfosa's joint venture Söderport Holding AB ("Söderport") currently owns 78 percent of TPI. Söderport is owned equally by Nyfosa and AB Sagax.
TPI is a Swedish real estate company that owns and manages properties with a leasable area of 194,000 square meters and with a market value of SEK 3 billion. The company’s share is listed on Nasdaq First North Growth Market. The intended dividend increases the number of shareholders in TPI, which creates conditions for a more efficient trading which benefits the shareholders and supports the continued development of the company.
Nyfosa intends to revert with the Board of Directors' final dividend proposal in connection with the announcement of Nyfosas year-end report on February 13, 2020.
Nyfosa has decided to announce its Board of Directors' intention to propose a dividend in kind, due to Sagax's announcement as per today that Sagax intends to propose dividend in kind of shares corresponding to 15 percent of the total number of shares in TPI to the Sagax shareholders.
Sagax owns 78% of the number of outstanding shares and votes in TPI through Söderport Holding AB, which is jointly owned by Sagax and Nyfosa AB. Sagax and Nyfosa AB intend to jointly distribute a holding corresponding to a total of 30% of the number of outstanding shares and votes in TPI to their respective shareholders.
The distribution will increase the number of shareholders in TPI. This will create a platform for more appropriate trading which is beneficial to the owners and facilitates the continued development of the company.
It is proposed that 30 Class A and Class B common shares in Sagax will confer the right to one (1) share in TPI following a 10:1 split of the TPI share. Sagax will make arrangements for selling excess units (fractions) on behalf of the affected shareholders.