STOCKHOLM, May 19, 2020 /PRNewswire/ -- Moberg Pharma AB (OMX: MOB) announced that the board of directors exercises authorizations to issue and repurchase C-shares, and converts C-shares to common shares, to secure the company's commitments under incentive programme.
The extraordinary general meeting of Moberg Pharma AB (publ) on April 28, 2020 resolved - for the purpose of ensuring that the company can fulfil its commitments under the long-term incentive programme LTI 2020 resolved by the extraordinary general meeting - to authorize the board of directors to resolve on a directed share issue of no more than 370,000 redeemable- and convertible class C shares.
The general meeting also resolved to authorize the board of directors to resolve on the repurchase of all issued class C shares by an offer directed to all holders of class C shares. Repurchase under this authorization may be made on one or several occasions until the next annual general meeting and at a price not less than 100 per cent and no more than 105 per cent of the quotient value of the share (SEK 0.10).
The board of directors resolved to exercise the share issue authorization for the said purpose to issue 370,000 class C shares to Nordea Bank. The share issues shall be made at a price corresponding to the quotient value of the share and must be subscribed for during the period May 1st - August 31st 2020, with the right of the Board of directors to extend the subscription period.
The board of directors has resolved to exercise the repurchase authorization for the said purpose by repurchasing all issued class C shares against payment corresponding to 100 per cent of the quotient value of the share, corresponding to SEK 0.10 per share. Repurchase of the class C shares may be effected during the period May 1st - August 31st 2020.
The class C shares will, following the repurchase, be converted to common shares to secure the delivery under the incentive programme.
The company currently holds 184,746 own common shares. After repurchase and conversion of C-shares in accordance with the above, the number of own common shares held will amount to 554,746.
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The information was submitted for publication, through the agency of the contact person set out above, at 4.30 p.m. CET on May 19th, 2020.
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The board of directors exercises authorizations to issue and repurchase C-shares, and converts C-shares to common shares
SOURCE Moberg Pharma