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Metro International S.A. is a Luxembourg limited-liability company
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METRO UNDERTAKES PRIVATE PLACEMENT OF NEWLY ISSUED SHARES IN METRO INTERNATIONAL
31 August 2001
Metro also announced today that it has received US$ 20 million in funding from one of its major shareholders, Industriförvaltings AB Kinnevik ("Kinnevik"). The sum is intended as a pre-payment in the private placement. Both Metro and Kinnevik have the right to require the exchange of the US$ 20 million loan monies for Metro shares at the time of the placement of new shares and at the price of such a placement.
Pelle Törnberg, President and CEO of Metro, commented: "The current market price is a disappointment in light of the progress of the Company. We have reason to believe that we have strong support from our shareholders for this fundraising and, therefore, we will be sensitive to the interests of our shareholders in the placement of new shares. We welcome the further support from Kinnevik, one of our major shareholders, for the continued development of the Metro concept and international expansion into new markets."
"The potential of the Metro concept is considerable. It is not a traditional newspaper but has more in common with international broadcasters and directory or direct marketing businesses, as it combines both local and international content and advertising in each edition. We now have nearly 9 million readers in 21 markets around the world and reach approximately one in three people under the age of 30 each week in those markets. This level and quality of reach gives Metro a unique position in the advertising markets."