Tele2 AB’s shares are listed on the Nasdaq Stockholm Large Cap list under the ticker symbols TEL2 A and TEL2 B. Tele2’s fifteen largest shareholders on December 31, 2016 held shares corresponding to 54 percent of the capital and 65 percent of the voting rights, of which Investment AB Kinnevik owned 30 percent of the capital and 48 percent of the voting rights. No other shareholder owns, directly or indirectly, more than 10 percent of the shares in Tele2.
Tele2’s A and B shares were first listed on the O-List of the Stockholm Stock Exchange in May 1996. Tele2 has been listed on the OMX Nordic Exchange Large Cap List since October 2006.
The share capital in Tele2 AB is divided into three classes of shares: Class A, B and C shares. All types of shares have a quota value of SEK 1.25 per share and Class A and B shares have the same rights on the company’s net assets and profits while Class C shares are not entitled to dividends. Class A shares, however, entitle the holder to 10 voting rights per share and Class B and C shares to one voting right per share.
Tele2 believes the financial leverage should reflect the status of its operations, future strategic opportunities and obligations. It should also be in line with both the industry and the markets in which it operates. This would imply a target economic net debt to EBITDA ratio of 2.0–2.5x over the medium term.
Reclassification of shares
Class A shareholder have the right to reclassify their holding of Class A shares into Class B shares. Section 5 of Tele2’s Articles of Association includes a so called re-classification provison as follows:
It shall be possible to reclassify Class A shares to Class B shares. Holders of Class A shares shall, during the calendar months January and July each year (the “Reclassification periods”), be entitled to request that all or part of the shareholder’s Class A shares shall be reclassified to Class B shares. The request shall be made in writing and must have been received by the Board of Directors no later than on the last day of the specific Reclassification period. The request shall state
(i) the number of Class A shares that the shareholder wants to reclassify or
(ii) the maximum percentage of the total number of votes in the Company, that the shareholder wants to hold, after reclassification has been completed of all Class A shares requested to be reclassified during the specific Reclassification period.
When making a request according to alternative (ii) above, the shareholder shall also state the total number of Class A and Class B shares that the shareholder holds at the time of the request.
By the end of each Reclassification period, the Board of Directors shall consider the question of reclassification. Immediately thereafter, the Board of Directors shall report the reclassification to the Swedish Companies Register (Sw. Bolagsverket) for registration. The reclassification is effected when it has been registered and the reclassification been noted in the CSD Register.
The application form for the reclassification may be downloaded here.
Form for reclassification of class A shares
Rights issue 2016
For information on the rights issue carried out in 2016, please use this link.