Lehto Group Plc has ended to repurchase the company’s own shares
Lehto Group Plc
Stock exchange release
7 April 2020 at 13.15 (EET)
Lehto Group Plc’s (”Lehto” or the “Company”) has ended repurchasing the Company’s own shares. The shares were repurchased to meet previously agreed Company's obligations under the share-based incentive plans or for other purposes defined in the authorization of the Annual General Meeting.
”Lehto’s long-term incentive plan offers the key employees belonging to the target group an opportunity to earn the Company’s shares as reward by converting the performance bonus to be earned in the performance bonus system into shares on the key employee’s request. Lehto has committed to this system in 2016 and the repurchases of own shares were made to fulfill these obligations,” says Veli-Pekka Paloranta, CFO.
The share repurchases started on 24 March 2020 and ended on 2 April 2020. The number of shares repurchased was 356,743 in total, corresponding to approximately 0.61% of the total number of Lehto’s shares. The pecuniary amount used for the repurchase was EUR 500,000.
Lehto's Board of Directors was authorized by the Annual General Meeting held on 29 March 2019 to acquire a maximum of 5,800,000 shares in the Company in one or several instalments. The authorization is valid until the 2020 Annual General Meeting.
The shares were acquired with the Company's non-restricted equity. The shares were acquired through public trading on Nasdaq Helsinki exchange otherwise than in proportion to the share ownership of the shareholders at the market price prevailing at the time of purchase.
The total number of the Company's shares and voting rights prior to repurchasing own shares was 58,309,443. Lehto Group Plc transferred on 26 March 2020 without consideration (directed share issue) a total of 50,341 of the Company’s shares to the key employees.
After repurchasing and directed share issue the total number of the outstanding shares is 58,003,041 and Lehto Group Plc holds a total of 306,402 of its own shares.
Further information:
Veli-Pekka Paloranta
Chief Financial Officer
+358 400 944 074
Lehto Group PLC:
Lehto is an innovator in the construction sector. We build housing, business premises, care homes and schools. In addition, we carry out pipeline renovations in apartment buildings. Our goal is to transform our industry – to build faster, at a more affordable price and with higher quality. Lehto’s approach to construction is in line with the megatrends in the sector: industrial prefabrication, digitalisation and ecology.