Unilever extends listing of €0.05 preference shares
Rotterdam, 26 March.- Unilever announces today that it has decided, in consultation with Euronext, to extend the listing of the Unilever N.V. €0.05 preference shares (‘Prefs’) until, at the latest, the moment these Prefs are redeemed by Unilever.
Unilever announced on 24 March 2004 that it intends to convert the Prefs into Unilever N.V. ordinary shares. Unilever expects to implement the conversion in the first quarter of 2005. After conversion of the Prefs it will be proposed to the Annual General Meeting 2005 to redeem the Prefs against payment of the remaining notional value of the Prefs of €0.05.
It has been agreed with Euronext that the listing of Prefs will be continued until, at the latest, the moment of redemption. The listing of the Prefs originally ended on 31 December 2004.
The Unilever Annual Account & Report and Form 20-F which is published today still states: "The Company has agreed that it will not buy back the €0.05 cumulative preference share capital of NV before 9 June 2004. At any time after this date, at the Company’s option, €6.534 of the notional value of the preference shares is convertible into ordinary N.V. shares and the remaining notional value is then redeemable. The Company expects to exercise the conversion right if any preference shares remain outstanding after 1 December 2004."
It is because the Report & Accounts and Form 20-F had been printed prior to the Board’s decision published on 24 March, that details of that decision have not be included in the documents.