Share purchases by Tokmanni’s Executive Group and their financing
TOKMANNI GROUP CORPORATION STOCK EXCHANGE RELEASE 15 November 2018 at 16.45 EET
The Board of Directors of Tokmanni Group Corporation has decided to encourage the members of its Executive Group to increase their shareholdings. The purpose of this arrangement is to more closely unite the targets of the owners and management of the company in order to raise the value of the company over the long term and to commit the management to an even better implementation of the company’s strategy. In the arrangement, Tokmanni’s Board of Directors has decided to offer the Group’s key personnel financing for their share purchases.
As a result, members of Tokmanni’s Executive Group purchased a total of 265,000 Tokmanni shares through public trading arranged by Nasdaq Helsinki. To finance the share purchases, Tokmanni Group Corporation granted members of the Executive Group a total of EUR 2.0 million in loans on market-based terms. The loan period is five years and the loan must be repaid in full by 31 December 2023 at the latest. The borrower may repay the loan earlier if desired. The purchased shares serve as collateral for this loan. Of the 265,000 shares purchased, the CEO purchased 105,000 shares and other members of the Executive Group purchased 160,000.
Tokmanni Group Corporation
Board of Directors
For further information, please contact:
Tel: +358 20 728 6061
Tokmanni in brief
Tokmanni is Finland's leading general discount retailer by number of stores and revenue. In 2017, Tokmanni’s revenue totalled EUR 796 million, and the company had around 3,200 employees on average. Tokmanni is also the only nationwide general discount retailer in Finland, and it currently has 186 stores around the country.