Kamux’s directed share issue without consideration for payment of share-based incentive scheme 2018
KAMUX CORPORATION STOCK EXCHANGE RELEASE 1 March 2019 at 9:30
Kamux’s directed share issue without consideration for payment of share-based incentive scheme 2018
The Board of Directors of Kamux Corporation has confirmed the remuneration to be paid to the key personnel of the Kamux Group in accordance with the terms and conditions of the share-based incentive scheme and the earnings criteria set for the year 2018. According to the terms and conditions of the share-based incentive scheme and after the deduction of the cash payment portions of the remunerations meant for taxes and tax-like contributions, 22 persons included in the 2018 share-based incentive scheme shall receive altogether 30,126 new shares in the company through a directed share issue without consideration.
Further information of the establishment of the share-based incentive scheme and its key terms and conditions is available in a Stock Exchange Release on 13 December 2017 and on the website of the company. The issuance of shares in accordance with the terms and conditions of the share-based incentive plan is based on the authorization given to the Board of Directors of Kamux by the Company's Annual General Meeting on 26 April 2018, under which the Board of Directors of the Company was authorized to decide on the issuance of a maximum of 400,000 new and/or existing shares to remunerate the Group's key personnel in accordance with the Company's share-based incentive scheme. The share-based incentive scheme has been established to be a part of the Group's incentive and loyalty scheme for key personnel. Thus, there is a particularly weighty financial reason the directed share issue without consideration.
As a result of the new shares issued under the share-based incentive scheme, the number of shares of Kamux Plc shall increase to 40,017,420 shares. It is estimated that the new shares will be registered with the Trade Register and Euroclear Finland on 14 March 2019 and shall be listed on Nasdaq Helsinki Ltd immediately after the registration.
The shares paid as a reward will be subject to a transfer restriction during the commitment period. The commitment period begins when the reward is paid and ends on 31 December 2020. A member of the Group’s Management Team must own half of the shares received as a reward based on the scheme until his/her shareholding in the Company corresponds to the value of his/her annual salary (ownership obligation). Each participant must own this number of shares for as long as he/she remains a member of the Group’s Management Team.
In Hämeenlinna, 1 March 2019
KAMUX CORPORATION
The Board of Directors
For more information:
Juha Kalliokoski, CEO
Tel. +358 50 544 5538
Kamux Corporation is a retail chain specializing in the sale of used cars and related integrated services that has grown rapidly. The first Kamux car showroom started its operations in 2003 in Hämeenlinna, Finland and the company currently has 45 car showrooms in Finland, fourteen in Sweden and four in Germany. Since its founding, the company has sold more than 200,000 used cars, of which 46,596 were sold in 2018. Kamux’s revenue reached EUR 527.8 million in 2018. In 2018, Kamux’s average number of employees was 472 in terms of full-time equivalent employees. The shares of Kamux are listed on Nasdaq Helsinki.