Concentric AB transfer own shares
The participants in LTI 2019 have the right to receive 99,184 shares, but as the performance-based terms have not been met, 49,592 shares will be transferred. In accordance with the terms of LTI 2019, 24,796 shares have a purchase price for the participants of SEK 114.00 and 24,796 shares have a purchase price of SEK 171.00. Under the authorisation from the annual general meeting 2022, the board of Concentric has resolved to sell a maximum of 49,592 shares on Nasdaq Stockholm. The difference between the sale price and the purchase price in the terms of LTI 2019 will be paid to the participants.
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 February 2021 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 total number of holdings of own shares in Concentric at the time of this press release was 115,965 and the total number of shares in issue was 38,297,600. Consequently, the company’s total holdings of own shares represent 0.3% of the total number of shares. In addition to this, the total number of own shares transferred to the ESOT are 251,727. Including these shares the company’s holdings was 367,692 representing 1.0% of the total number of shares.
This information is of the type that Concentric AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.30 CET on 12 May, 2022.
For further information, please contact Gregory Asante, +44 7977 149 348
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 and China. 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. In 2021, The Group had a turnover of MSEK 2,115 and circa 1,100 employees. At the end of October 2021, The Group acquired Engineered Machined Products, Inc. ("EMP"), a leading US producer of electric and mechanical water and oil pumps, electric fans, thermal management systems and precision machined components. In 2021, EMP had over 400 employees and a turnover of SEK 1,011 million. Including EMP for the whole year 2021, Concentric would have had a combined turnover of SEK 2,958 million.