Fiskars’ Board of Directors has resolved to distribute substantially all of Fiskars’ holdings in Wärtsilä as an extra dividend to shareholders
Fiskars Corporation
Stock Exchange Release
June 6, 2019 at 11.45 (EEST)
Fiskars’ Board of Directors has resolved to distribute substantially all of Fiskars’ holdings in Wärtsilä as an extra dividend to shareholders
The Annual General Meeting of Fiskars Corporation (“Fiskars” or the “Company”) held on March 13, 2019 resolved to authorize the Company’s Board of Directors to resolve, in its discretion, on the distribution of up to 32,645,343 shares in Wärtsilä Corporation (“Wärtsilä”) held by the Company as an extra dividend to shareholders (the “Authorization”). The full Authorization can be found in the stock exchange release published by the Company on March 13, 2019.
Today, the Board of Directors of the Company has, based on the Authorization, resolved to distribute up to 32,616,653 Wärtsilä shares held by the Company as an extra dividend to shareholders using the ratio 5:2 whereby each shareholder receives two (2) Wärtsilä shares for each five (5) shares held in the Company. The current market value of 32,616,653 Wärtsilä shares, on the Nasdaq Helsinki Ltd, is approximately EUR 424.3 million (calculated based on the volume weighted average price of Wärtsilä’s share on June 5, 2019). The final value of the share dividend will be equivalent to its market value at the date of distribution, i.e. June 11, 2019.
According to the Board of Directors’ resolution, the record date for the share dividend shall be June 10, 2019, the share dividend payment date shall be June 11, 2019 and the payment date for the fractional entitlements to be paid in cash shall be June 17, 2019. The ex-dividend date for the share dividend shall be June 7, 2019.
Due to rounding differences, the final amount of whole Wärtsilä shares to be distributed to shareholders will be determined on the share dividend payment date and will be slightly less than the maximum amount that the Board of Directors has resolved to distribute. Any fractional entitlements to Wärtsilä shares resulting from the distribution ratio shall be compensated to shareholders in cash from the Company’s funds. A minor amount of Wärtsilä shares will remain in the Company’s ownership following the distribution.
In accordance with the Authorization, the Board of Directors also resolved to pay the transfer tax resulting from the distribution of the share dividend on behalf of shareholders following the payment of the share dividend. The transfer tax amounts to 1.6% of the value of the share dividend.
Further information on the share dividend, including the technical implementation of the distribution using the ratio 5:2, can be found on Fiskars website https://www.fiskarsgroup.com/investors/shares-shareholders/dividend.
FISKARS CORPORATION
Media and investor contacts:
Corporate Communications, tel. +358 204 39 5031, communications@fiskars.com
Making the everyday extraordinary
Fiskars Group’s purpose is to make the everyday extraordinary. With our family of lifestyle brands including Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood, we want to create a positive, lasting impact on our quality of life. Our products are available in more than 100 countries and we employ around 7,900 people in over 30 countries. Please visit us at www.fiskarsgroup.com for more information.