In the light of NeoNet’s strong development over recent years and its good future prospects, the Board of Directors has set new long-term financial targets for the period 2008-2010. The new targets state that by 2010 NeoNet will have at least doubled its operating revenues and achieved EBT of around SEK 400 m. The previous financial targets for the period 2007 to 2010 stated that by 2010 NeoNet would have achieved a revenue level of at least SEK 800 m and EBT of at least SEK 200 m. NeoNet’s strong development in 2007 meant that the Group was close to achieving the targets three years in advance.
“NeoNet has developed from being a local Swedish broker to becoming a global provider of transaction services. This has been achieved during a period in which the world’s financial markets have been characterized by rapid development and a fast rate of change, which has created new requirements for electronic trading. NeoNet is well positioned in the changed landscape and is gaining greater leverage for its offering thanks to the new market structure,” comments Simon Nathanson, President and CEO of NeoNet.
Based on the Group’s financial position, profit development and expected growth, the Board intends to propose that the Annual General Meeting passes a resolution to redeem treasury shares. The redemption procedure means that each existing share will be divided into three shares (3:1 share split). The two new shares will be designated as series 1 and 2 redemption shares respectively. In June 2008 series 1 redemption shares will automatically be redeemed against payment of SEK 1.00. Series 2 redemption shares will automatically be redeemed against a subordinated debenture of SEK 1.10. The debenture loan will run for one year from the date of issue, which is expected to be in June 2008. No interest is payable on the debenture. The company will be given the opportunity to request redemption of the loan before the due date.
The proposal will mean a transfer to shareholders of SEK 136.6 m. The proposed transfer of value is a deviation from NeoNet’s established dividend policy.
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