Unilever N.V. takes steps to further improve corporate governance

by Unilever, March 29, 2010.

Rotterdam – Unilever N.V. today announced proposals to improve and simplify its corporate governance and capital structure. Unilever N.V. intends to propose to cancel its 4% cumulative preference shares and to seek authorisation to buy back its 6% and 7% cumulative preference shares.

Proposals to simplify capital structure of Unilever N.V.

Unilever believes that these actions will strengthen the link between economic interest and voting rights for Unilever N.V. shareholders and move it towards the principle of one share, one vote.

Over the years Unilever N.V. issued various classes of preference shares. Since then there has been a gap between their economic value and the votes that they represent.

Unilever N.V. will put to its forthcoming Annual General Meeting, to be held on 11 May 2010, a proposal to cancel its 4% cumulative preference shares. Upon cancellation holders would receive a cash payment of €45.37802 for each 4% Unilever N.V. cumulative preference share, as provided in the Unilever N.V. articles of association. Unilever N.V. will also pay the dividend accrued until the moment of cancellation.

Unilever N.V. also intends to seek authority from the Unilever N.V. Annual General Meeting to buy back the 6% Unilever N.V. cumulative preference shares at a price of up to €575.50, and the 7% Unilever N.V. cumulative preference shares at a price of up to €671.40 per share…(continue reading)

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