The Board of Directors of
The proposed distribution follows the evaluation of the Polestar Shareholding that was communicated on
The transaction
The Board of Directors of Volvo Cars today resolved to propose a distribution of 62.7 percent of
Based on the closing price of Polestar's Class A American Depositary Shares ('ADSs'), listed on Nasdaq New York, on
After the distribution,
After the distribution of the Polestar Shareholding to
The AGM's resolution on the distribution of the Polestar Shareholding is conditional upon receipt of all necessary regulatory clearances, approvals and decisions on terms which, in
The distribution of the Polestar Shareholding is proposed to be made by way of a share split (2:1), followed by an automatic share redemption process. Due to technical reasons, the Polestar Shareholding will be distributed in the form of Swedish Depository Receipts ('SDRs'), which represent the underlying ADSs in Polestar. Holders of such SDRs will be offered the possibility to convert the distributed SDRs into Polestar ADSs that can be traded on Nasdaq New York (see subsection 'Technical information')
Volvo Cars has significant operational collaborations with Polestar and a financial relationship through the outstanding convertible loan of
Further details can be found on https://investors.volvocars.com/en/the-share/polestar (subject to certain confirmations), and in the information brochure to be published no later than on
[1] Based on
'As we embark on the next stage of our transformation, gearing up to lead in next-gen mobility, our focus sharpens on
'We express our support for the proposed distribution of Polestar shares to
Technical information
As
Indicative and preliminary timetable for the proposed distribution
Estimated date for publication of information brochure and general terms and conditions for SDRs
AGM to resolve on the proposed distribution
Announcement of Board's decision on final size and terms of the distribution
Last day of trading in Volvo Cars series B share incl. right to receive redemption shares
First day of trading in Volvo Cars series B share excl. right to receive redemption shares
Record date for the share split
Trading in redemption shares on Nasdaq Stockholm
On or around
Record date for redemption (shareholders holding redemption shares on this day will be entitled to receive SDRs)
On or around
Distribution of SDRs
On or around 13 May -
Conversion period (holders of SDRs may apply for conversion of SDRs to Polestar ADSs)
Telephone conference
CFO
https://live.volvocars.com/vcl80r8ro
If you tune in from
It will be possible to ask questions via phone call during the Q&A session. To call in, participants need to register via the link below and will then receive the dial-in details and individual PIN.
Link to registration: https://register.vevent.com/register/BI81fb02f0252b4ff796d93ed1bb4c959c
Additional shareholder information
Information relating to the proposed distribution is available on
The Board of Directors' final proposal regarding the distribution of the Polestar Shareholding will be included in the notice convening the 2024 AGM to be published on
Advisors
This disclosure contains information that
About Volvo Cars
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker 'VOLCAR B'.
'For life. To give people the freedom to move in a personal, sustainable and safe way.' This purpose is reflected in
As of
About Polestar
Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in
Polestar will have a line-up of three performance EVs here in 2024. Polestar 2, the electric performance fastback, launched in 2019. Polestar 3, the SUV for the electric age, launched in late 2022. Polestar 4, the SUV coupe transformed, is launching in phases through 2023 and into 2024.
The Polestar 0 project is the company's ambitious goal of creating a truly climate-neutral production car by 2030. The research initiative also aims to create a sense of urgency to act on the climate crisis, by challenging employees, suppliers and the wider automotive industry, to drive towards zero.
'Stock information' (all headings listed in this paragraph can be found under the section 'Investor Relations'). Note that Volvo Cars did not prepare this information and thus takes no responsibility for its accuracy or completeness.
For further information please contact:
+46 31-59 65 25
media@volvocars.com
Volvo Cars Investor Relations
+46 31-793 94 00
investors@volvocars.com
Disclaimer / Forward Looking Statements
The information contained in this document is for background information only and does not purport to be full or complete nor does it constitute or form part of any invitation or inducement to engage in investment activity, nor does it constitute an offer or invitation to buy any securities in any jurisdiction or a recommendation in respect of buying, holding or selling any securities. This document is not an offer to sell, or solicitation of an offer to buy, acquire or subscribe for, or otherwise invest in, any securities to any person in any jurisdiction in which such offer or solicitation would be unlawful.
This document is not for publication or distribution, directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The distribution of this document may be restricted by laws in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
Nothing in this document constitutes legal, financial, tax or other advice and each shareholder should consult an independent adviser as to the possible application of legal (including on national security and investment regulations, foreign direct investment regulations and/or similar laws or regulations), financial, tax or other advice in relation to the corporate events described herein.
In the
This document may include statements that are, or may be deemed to be, 'forward-looking statements'. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms 'believe', 'expect', 'anticipate', 'intend', 'estimate', 'project', 'will', 'may', 'target', 'should' and similar expressions, or, in each case, their negative or other variations or comparable terminology, or by discussions of strategies, plans, objectives, goals, future events or intentions. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, financial position, liquidity, prospects, growth and strategies. Forward-looking statements speak only as of the date they are made and are subject to change. To the fullest extent permitted under applicable laws, the Company and its affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this document whether as a result of new information, future developments or otherwise.
None of the Company or any of its affiliates, or any of the Company's or its affiliates' directors, officers, employees, advisors or agents, accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this document (or whether any information has been omitted from the document) or that any transaction has been or may be effected on the terms or in the manner stated herein or as to the achievement or reasonableness of future projections, estimates or prospects, if any, or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the document or its contents or otherwise arising in connection therewith.
The timing of the proposed corporate events described herein may be influenced by a variety of factors which include market conditions. The Company may decide not to go ahead with the proposed corporate events and therefore there is no guarantee that the proposed corporate events will proceed. Past performance is not a guide to future performance. Information in this document cannot be relied upon as a guide to future performance.
https://vp272.alertir.com/en/press-releases/volvo-cars-propose-distribution-627-percent-its-polestar-shareholding-its
(C) 2024 Electronic News Publishing, source