Verkkokauppa.com Oyj Stock Exchange Release 3 March 2022 at 8:00 a.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 – change in company’s treasury shares
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 second matching period 2019-2021 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 25 March 2021.
In the directed share issue without consideration, a total of 20,000 treasury shares held by the Company have on 2 March 2022, been transferred to seven (7) 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 297,968 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.
More information:
Marja Mäkinen, Head of Investor Relations and Corporate Communications
Verkkokauppa.com Oyj
marja.makinen@verkkokauppa.com
Tel. +358 40 671 2999
Distribution:
Nasdaq Helsinki
Main media
www.verkkokauppa.com
Verkkokauppa.com empowers its customers to follow their passion by providing a wide product assortment of over 80,000 products. Verkkokauppa.com Oyj serves its retail and corporate customers through its webstore, megastores, 24h kiosk and network of collection points as well as fast deliveries and various services. As Finland’s most popular and most visited domestic online retailer, its deliveries cover around 75 percent of the Finnish population within the next day. The Company has four megastores: in Oulu, Pirkkala, Raisio, and Helsinki, where its headquarters is also located. Verkkokauppa.com employs more than 750 people and its shares are listed on the Nasdaq Helsinki stock exchange with the ticker VERK.
