SKÅNES FAGERHULT, Sweden, May. 08, 2017 /PRNewswire/ --
Concentric acquires own shares
Under the authorisation from the annual general meeting 2017, the board of Concentric AB (publ) ("Concentric") has decided to buy back own shares on Nasdaq Stockholm. The repurchase is made on the purposes determined by the annual general meeting, i.e. to be able to improve the company's capital structure and to enable share transfers in accordance with the board's proposals for authorisation for the board to transfer own shares and for previous and proposed resolution on transfer of own shares to participants in LTI 2014 - 2017, to increase the flexibility for the board in connection to potential future corporate acquisitions, as well as to cover costs for LTI 2014-2017 and enable delivery of shares in accordance with LTI 2014-2017.
Any acquisition of shares will take place before the annual general meeting 2018 and shall cover no more than 4,087,200 shares, i.e. 10 per cent of the total number of shares in Concentric. The shares will be repurchased at a per-share price within the stock market price interval registered at any given time, such interval being the interval between the highest purchase price and the lowest sales price. The acquisitions will be managed by an investment firm or financial institution which makes its trading decisions in relation to Concentric's shares independently of and without influence from Concentric.
For information on the implementation of the share repurchases, please see www.nasdaqomxnordic.com. Repurchase of shares will not be press released separately, unless mandatory disclosure obligations apply.
Concentric transfers own shares to the participants in LTI 2014
The annual general meeting on 30 April 2014 resolved to transfer up to 170,000 own shares to participants in LTI 2014 under the terms of LTI 2014. In accordance with the annual general meeting's resolution and the terms of LTI 2014, the board of Concentric has on 5 May 2017 executed the transfer in regards to 101,200 shares. In accordance with the terms of LTI 2014, 75,900 shares were transferred for a purchase price of SEK 71.20 and 25,300 shares were transferred for a purchase price of SEK 106.80
Concentric transfer own shares to an ESOT
The annual general meeting in Concentric on 30 March 2017 resolved to transfer up to 120,000 shares to an Employee Share Ownership Trust ("ESOT") as a part of a Joint Share Ownership Plan ("JSOP") under LTI 2017. In accordance with the annual general meeting's resolution and the terms of LTI 2017, the board of Concentric has, after close of trading, on 5 May 2017 executed the transfer in regards to 93,000 shares. The shares were transferred to the ESOT free of charge. Simultaneously as the ESOT acquired the main ownership rights in the shares, the participants in the JSOP acquired a lesser beneficial ownership right in each share for the right's market value, being SEK 4.00 per ownership right, resulting in the participants becoming co-owners of the shares. The reason for the annual general meeting's resolution to transfer the own shares with deviation from the shareholders' preferential rights was to enable a tax efficient delivery of shares under LTI 2017 to certain participants resident in the United Kingdom.
The total number of shares in Concentric amounts to 40,872,000, whereof 195,816 own shares are held by Concentric in treasury after the above transfers of own shares to the participants in LTI 2014 and the ESOT.
For further information, please contact Mia Segerberg, +46-(0)-722-269080
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Press release in PDF format - Concentric AB acquires and transfers own shares
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SOURCE Concentric AB