Beijer Electronics Group AB issues class C shares
The Board of Beijer Electronics Group AB has decided to issue class C shares and to exercise its repurchase authorisation to secure Beijer Electronics Group’s obligations under the LTI 2019/2022 incentive programme.
The 2019 Annual General Meeting of Beijer Electronics Group AB decided, with the aim of ensuring that the company can fulfil its obligations under the long-term incentive programme LTI 2019/2022 as voted for by the Annual General Meeting, to authorise the Board of Directors to decide on a directed issue of redeemable and convertible class C shares. Furthermore, the 2019 Annual General Meeting decided to authorise the Board to decide on the repurchase of all issued class C shares via a directed acquisition offer to all holders of class C shares.
Based on the estimated outcome of the LTI 2019/2022 incentive programme, the Board has now decided to exercise these authorisations by issuing 66,298 class C shares to a financial institution, and then immediately repurchasing all class C shares. The issue will be carried out at the shares’ quota value SEK 0.33 per share and the shares will be repurchased for a corresponding amount. The intended period for issuing and repurchasing the class C shares is March 6-13, 2020.
The company currently holds 184,723 of its own class C shares. Following the repurchase of class C shares as outlined above, the number of class C shares held by the company will total 251,021. The class C shares do not entail an entitlement to receive any dividend.
On completed delivery of shares under the LTI 2019/2022 to employees in 2022, the intention is to convert the repurchased class C shares into ordinary shares, as per the terms of the incentive programme.
For more information please contact:
Beijer Electronics Group:
President and CEO, Per Samuelsson, tel 46 (0)40 35 86 10, mobile 46 (0)708 58 54 40
Executive VP and CFO Joakim Laurén, tel 46 (0)40 35 84 96, mobile 46 (0)703 35 84 96.
Beijer Electronics Group AB (publ) is a growing powerhouse of innovators within mission-critical industrial digital technology and IIoT. With a strong focus on the connection between people, technology and data, we share a pride in having some of the world's leading global companies as our core customers. Since its start-up in 1981, BEIJER GROUP has evolved into a multinational group of complementary business entities with sales over 1.6 billion SEK in 2019.
The company is listed on the NASDAQ OMX Nordic Exchange Stockholm’s Small Cap list under the ticker BELE. www.beijergroup.com