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AP3 proposes a conversion right for A-shares in SKF

The Third Swedish National Pension Fund (AP3) proposes that SKF’s Annual General Meeting decides to introduce a continuing and voluntarily possibility for A-shareholders to convert their shares to B-shares.

The proposal has been discussed with the following major shareholders in SKF, who intend to support the proposal: The Wallenberg Foundations, Alecta, Skandia, AMF Pension and Nordea funds. It is consequently supported by 46.8 percent of the votes and 26.4 percent of the capital, calculated on holdings at the year-end.

At the year-end the AP3 owned 1 153 200 A-shares and 3 533 725 B-shares.

The CEO of AP3, Tomas Nicolin, says the following:
“We do not propose a transition to a single share. I think that it is an advantage with clear owners who can take a long-term ownership responsibility, which is facilitated by differentiated voting rights. However, I think that a conversion right would entail that the discount on the A-shares would disappear and that the liquidity of all shares in the company would be improved. Thereby the market value of the company can increase. Our proposal can contribute to the latter without aggravating ownership responsibility.”