Concentric AB selling own shares and transfer own shares to an ESOT
The participants in LTI 2017 have the right to receive 102,800 shares, of which 13,240 shares will be delivered directly. In accordance with the terms of LTI 2017, 63,860 shares have a purchase price for the participants of SEK 98.50 and 25,700 shares have a purchase price of SEK 147.70. Participants in the program do not exercise the shares that exceed the current market price.
Under the authorisation from the annual general meeting 2020, the board of Concentric has resolved to sell the remaining 63,860 shares on Nasdaq Stockholm before 6 August 2020. The difference between the sale price and the purchase price in the terms of LTI 2017 will be paid to the participants.
Prior to this sale of own shares, 89,600 shares have been transferred from ESOT to Concentric AB.
Transfer of own shares on Nasdaq Stockholm shall be made at a price within the stock market price interval registered at any given time, such interval being the interval between the highest purchase price and the lowest sales price. The transfers shall be executed by a bank in accordance with Section 5.1.1 part H of the Nasdaq Issuer Rules from 1 May 2020 and otherwise in accordance with all applicable rules and regulations.
For information on the transaction of own shares, please see www.nasdaqomxnordic.com. Transactions of own shares will not be press released separately, unless mandatory disclosure obligations apply.
The annual general meeting in Concentric on 6 April 2020 resolved to transfer up to 138,600 shares to an Employee Share Ownership Trust (“ESOT”) as a part of a Joint Share Ownership Plan (“JSOP”) under LTI 2020. In accordance with the annual general meeting’s resolution and the terms of LTI 2020, the board of Concentric has executed the transfer in regards to 93,712 shares. The shares were transferred to the ESOT free of charge. Simultaneously as the ESOT acquired the main ownership rights in the shares, the participants in the JSOP acquired a lesser beneficial ownership right in each share for the right’s market value, being SEK 0.20 per ownership right, resulting in the participants becoming co-owners of the shares. The reason for the annual general meeting’s resolution to transfer the own shares with deviation from the shareholders’ preferential rights was to enable a tax efficient delivery of shares under LTI 2020 to certain participants resident in the United Kingdom.
The total number of holdings of own shares in Concentric at the time of this press release was 222,055 and the total number of shares in issue was 38,297,600. Consequently the company’s total holdings of own shares represent 0.6% of the total number of shares. In addition to this, the total number of own shares transferred to the ESOT are 304,812. Including these shares the company’s holdings was 526,867 representing 1.4% of the total number of shares.
For further information, please contact Lennart Lindell, +46 (0)766 104 004
Concentric AB is an innovator in flow control and fluid power, supplying proprietary systems and components to the world’s truck, agricultural machinery, construction equipment and industrial applications end-markets. The company has a global manufacturing presence including in the UK, USA, Germany, Sweden, India, China and Argentina. Concentric’s focus is to develop world class technology with innovative solutions that meet the sustainability needs of our customers. Concentric offers engine products including lubricant, coolant and fuel pumps, hydraulic products encompassing gear pumps and power packs, and finally several key technologies for the fast growing market for electrical and hybrid powertrains. The Group has a turnover of circa MSEK 2,000 and circa 800 employees.