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 2020/2023 incentive programme.
The 2020 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 2020/2023 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 2020 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 2020/2023 incentive programme, the Board has now decided to exercise these authorisations by issuing 99,538 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 of approximately SEK 0.33 per share and the shares will be repurchased for a corresponding amount. The intent is to issue and repurchase the class C shares is April 2021.
The company currently holds 225,181 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 324,719. The class C shares do not entail an entitlement to receive any dividend.
On completed delivery of shares under the LTI 2020/2023 to employees in 2023, 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:
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 GroupAB (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 1.4 billion SEK in 2020.
The company is listed on the Nasdaq Stockholm Main Market under the ticker BELE. www.beijergroup.com