Payment of share rewards based on the share-based incentive programme as a directed share issue of own shares of the company without consideration
Pihlajalinna Plc Stock Exchange Release 17 December 2020 at 5.30 p.m.
Payment of share rewards based on the share-based incentive programme as a directed share issue of own shares of the company without consideration
On 17 December 2020, the Board of Directors of Pihlajalinna Plc has confirmed the maximum number of shares, 97,000 shares, earned based on the earning period 2019 of the share-based incentive programme which commenced in 2019 for the company's key personnel and resolved on the payment of the share rewards earned based on said earning period. This amount means a gross reward from which the applicable taxes will be withheld and the remaining net amount will be paid to the participants primarily in shares and additionally in cash. The recipients of the above share rewards comprise 20 key persons.
Pihlajalinna Plc announced the establishment of this share-based incentive programme with a Stock Exchange Release published on 15 February 2019.
The share rewards are paid by transferring own shares held by the company without consideration to the participants (directed share issue without consideration). The share rewards are aimed to be paid by 31 December 2020.
The final number of shares to be transferred will be determined based on the terms and conditions of the incentive programme by 31 December 2020. The Board of Directors has resolved on this transfer of own shares based on the authorization granted by the Annual General Meeting of Shareholders held on 15 April 2020. The shares to be transferred are of the same class as the company's other shares.
There is an especially weighty financial reason for the company, also taking into account the interests of all the company's shareholders, to deviate from the shareholders' pre-emptive subscription right in the directed share issue without consideration. The shares issued constitute share rewards within the long-term share-based incentive programme of the company's Management and these share rewards are, in accordance with the objectives of the incentive programme, intended to align the interests of the Management with the interests of the shareholders and to encourage the Management to work on a long-term basis with the aim to increase the shareholder value.
Board of Directors of Pihlajalinna Plc
For further details, please contact:
CEO Joni Aaltonen
Requests for contacts through Pihlajalinna’s communications:
Communications manager Taina Lehtomäki, tel. +358 50 451 3678 or taina.lehtomaki@pihlajalinna.fi
Pihlajalinna in brief
Pihlajalinna is one of the leading private social and healthcare services providers in Finland. The company serves private individuals, businesses, insurance companies and public sector entities, such as municipalities and joint municipal authorities. Pihlajalinna provides general practitioner services, specialised care, emergency and on-call services, a wide range of surgical services, occupational healthcare, dental care and wellbeing services. In addition, the company offers innovative social and healthcare service provision models to public sector entities.