Akzo Nobel N.V. (AKZA.AS; AKZOY) has announced that an Extraordinary General Meeting (EGM) will be held on November 13, 2018.
This relates to the separation of the Specialty Chemicals business and commitment to return the vast majority of net proceeds to shareholders, following advance proceeds of €1 billion paid as special cash dividend on December 7, 2017.
The agenda will include:
- Capital repayment and share consolidation (voting point)
- Proposal to amend the Articles of Association to increase the par value of the common shares
- Proposal to amend the Articles of Association to execute the share consolidation
- Proposal to amend the Articles of Association to decrease the par value of the common shares, including a reduction of capital
- Proposal to grant the authority to execute the notarial deeds of amendment of the Articles of Association
Nils Andersen, Chairman of AkzoNobel’s Supervisory Board, commented: “Now that we have completed the sale of the Specialty Chemicals business, we intend to swiftly and efficiently return the vast majority of net proceeds to our shareholders, as promised.
“AkzoNobel remains focused on achieving the next phase of value creation for shareholders and other stakeholders, by implementing the strategy to create a focused, and high performing, paints and coatings company.”
Further details about the forthcoming meeting are available on our corporate website (www.akzonobel.com).
This is a public announcement by Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014).