Avidly’s CEO incentive transferred to the current CEO and treasury shares transferred to the COO
Avidly Plc, Company Announcement, 23 Apr 2019 at 12:20 EET
The incentive of Avidly Plc’s previous CEO has been transferred to the current CEO through a share transaction between the parties. In the share transaction, which was carried out in order to build commitment and based on an agreement between the buyer and seller, 17,813 Avidly Plc shares were transferred to Avidly’s CEO Jyrki Vaittinen at a price of EUR 7.32 per share.
In connection with the share transaction, the company’s former CEO pays back fully the loan granted to him for share purchases in spring 2018. Avidly has granted the current CEO a loan of EUR 130,391 to be used for the purchase of the above-mentioned shares. The full loan amount falls due for repayment on 31 December 2021, with the interest rate on the loan being one (1) per cent per annum.
The shares owned by the CEO are subject to a restriction concerning the right of disposal. The restriction will be lifted in phases, with all shares freed for disposal by the end of 2021 provided that the CEO’s employment relationship with the company continues. If the employment relationship ends before 31 December 2021, the company is entitled to acquire the shares to which the restriction still applies. The transaction price will be the purchase price plus any accumulated interest on the purchase price. Jyrki Vaittinen owned no Avidly shares prior to this transaction. After the transaction, he owns 0.7% of Avidly shares.
In addition, Avidly Plc has transferred Avidly shares held by the company (treasury shares) to its COO, Teea Björklund, against payment and in order to build commitment. A total of 5,000 shares were transferred, with the transfer price of the shares, EUR 5,82 per share, being the average share price weighted in accordance with the exchange of shares at the First North market place of Nasdaq Helsinki in the period from 19 March to 18 April 2019. The entire transfer price will be entered in the invested unrestricted equity fund of the company. The shares are subject to an 18-month restriction concerning the right of disposal. If the employment relationship of the COO ends before 24 October 2020, the company is entitled to acquire the shares to which the restriction still applies. The transaction price will be the purchase price plus any accumulated interest on the purchase price. Avidly has granted the COO a loan of EUR 29 120 to be used for the purchase of the above-mentioned shares. The full loan amount will fall due for repayment on 23 October 2020, with the interest rate on the loan being two (2) per cent per annum.
The transfer of treasury shares to key persons is based on a decision made by the Annual General Meeting on 1 April 2019, whereby it authorised the Board to transfer treasury shares. After the transfer, Avidly Plc holds a total of 14 212 Avidly shares.
BOARD OF DIRECTORS
Jari Tuovinen, Chair of the Board, tel. +358 500 593 000
Oaklins Merasco Oy acts as the Certified Advisor for the company, tel. +358 9 6129 670
Avidly is Finland's leading marketing service provider and a leading marketing automation company in the Nordics. Avidly is listed on the Nasdaq First North market place in Helsinki. We create an atmosphere that favours growth and moves our customers forward. We are a team of more than 230 navigators and explorers, makers and shakers in 14 locations in Finland, Sweden, Norway and Denmark. Read more: investors.avidlyagency.com