Verkkokauppa.com Oyj Stock Exchange Release March 2, 2021 at 3:00 p.m. EET
Transfer of treasury shares held by Verkkokauppa.com Oyj by way of a directed share issue without consideration for the payment of share rewards based on the long-term incentive plan for key employees
The Board of Directors of Verkkokauppa.com Oyj has resolved on a directed share issue without consideration for the payment of share rewards in the first matching period 2018-2020 of the Matching Share Plan 2018-2020. The resolution on the directed share issue without consideration is based on the authorization granted by the Annual General Meeting held on 31 March 2020.
In the directed share issue without consideration, a total of 15,000 treasury shares held by the Company have today, on 2 March 2021, been transferred to five (5) key employees according to the terms and conditions of the Matching Share Plan 2018-2020. Additionally, a part of the reward is paid in cash intended to cover taxes and tax-related costs arising from the reward to the participant. No new shares will be issued in connection with the payment of the share rewards and therefore the resolution will have no diluting effect. After the transfer of the shares, Verkkokauppa.com Oyj holds 335,633 treasury shares.
The shares issued constitute share rewards within a long-term share-based incentive program of the Company’s most senior management and the share rewards are, in accordance with the objectives of the incentive program, 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 shareholder value. Thus, there is an especially weighty financial reason for the Company and taking into consideration the interests of all shareholders to derogate from the pre-emptive right of the shareholders.
The Board of Directors of Verkkokauppa.com Oyj resolved in May 2018 to establish a new share-based incentive plan and further details about the plan are available in the company release published on 16 May 2018. The aim of the plan is to align the objectives of the shareholders and the key employees in order to increase the value of the Company in the long-term, to encourage the key employees to personally invest in the Company’s shares, to retain the key employees with the Company, and to offer them a competitive reward plan which is based on the acquisition, obtaining and accumulation of the Company’s shares.
For more information, please contact:
Panu PorkkaCEOpanu.email@example.comTel. +358 10 309 5555
Mikko ForsellCFOmikko.firstname.lastname@example.orgTel. +358 50 434 2516
Nasdaq HelsinkiPrincipal mediawww.verkkokauppa.com
Verkkokauppa.com in short
Verkkokauppa.com is Finland’s most popular and most visited Finnish online retailer, with the aim to sell to products to its customer at probably always cheaper prices. Depending on the season, the Company markets, sells, and distributes some 60,000–70,000 products in 26 different main product categories through its webstore, retail stores, and network of pick-up points. The Company has four megastores: in Oulu, Pirkkala, Raisio, and Helsinki, in addition to which products can be collected at more than 3,000 pick-up points. Verkkokauppa.com was founded in 1992 and it is headquartered in Jätkäsaari, Helsinki. The Company’s shares are listed on the official list of Nasdaq Helsinki under the ticker symbol VERK.
- Headline: Transfer of treasury shares held by Verkkokauppa.com Oyj by way of a directed share issue without consideration for the payment of share rewards based on the long-term incentive plan for key employees
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