Concentric transfer own shares to an ESOT
The annual general meeting in Concentric on 4 April 2019 resolved to transfer up to 120,200 shares to an Employee Share Ownership Trust (“ESOT”) as a part of a Joint Share Ownership Plan (“JSOP”) under LTI 2019. In accordance with the annual general meeting’s resolution and the terms of LTI 2019, the board of Concentric has on 18 April 2019 executed the transfer in regards to 112,680 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 3.00 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 2019 to certain participants resident in the United Kingdom.
The total number of holdings of own shares in Concentric at 18 April 2019 was 290,836 and the total number of shares in issue was 39,224,100. Consequently the company’s total holdings of own shares now represent 0.7% of the total number of shares. In addition to this, the total number of own shares transferred to the ESOT during 2017-2019 are 300,700. Including these shares the company’s holdings was 591,536 representing 1.5% 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 2,400 and circa 1,000 employees.