Hoylu AB: Press release from extraordinary general meeting
An extraordinary general meeting in Hoylu AB (publ) has been held at the company’s offices in Malmö, Sweden, on 7 September 2017.
The extraordinary general meeting resolved on a directed share issue to employees, consultants and board members in the company and to implement a share-related incentive program in consistence with the proposal made by the shareholder CeWi Invest AS.
Terms for the directed share issue in summary
- The issue is limited to 1,000,000 new shares. The right to subscribe for shares shall, with exception from the shareholders preferential right, be directed to employees in the company, consultants and board members.
- The subscription price of the shares shall amount to 100 percent of the volume-weighted average closing price of the company’s share between 24 August 2017 and 6 September 2017.
- Each of the subscribers shall subscribe for shares corresponding to a minimum value of SEK 20,000 and a maximum value of SEK 500,000 (the “Investment Amount”). If the aggregate amount of all subscribers’ Investment Amounts corresponds to more than 1,000,000 shares, the 1,000,000 shares shall allocate to the subscribers on a pro-rata basis in relation to their respective Investment Amount.
- The reason for disapplying the shareholders’ preferential right is that the new shares are to be used as a part of an incentive program in favor of the company’s employees, consultants and board members. The purpose of the incentive program is to create involvement for the participants as regards opportunities and risk in the company’s development as well as to assure that the participants share the company’s objects to create a profitable growth and long-term development.
Terms for the share-related incentive program in summary
- The share-related incentive program in form of synthetic options is directed to employees in the company, consultants and board members.
- For allocation of the synthetic options it is required that the recipient has subscribed for shares in the directed share issue and that the redemption price for the synthetic options is 200 percent of the price of subscription. The synthetic options shall entitle the holder to a cash payment corresponding to the difference between the strike price and the market value of the company’s share on 30 September 2020.
- For each share that a participant of the incentive program has subscribed and paid for in the share issue, two (2) synthetic options shall be allocated to the participant. For each share that the CEO of the company has subscribed and paid for in the share Issue, four (4) synthetic options shall be allocated to the CEO.
The shareholder CeWi Invest AS’s complete proposal for the decisions above have previously been published and is available on the company’s website, www.hoylu.com.
For more information, please contact:
Stein Revelsby, CEO +1 213 440 2499 E-mail: email@example.com
Karl Wiersholm, CFO +1 425 829 2316 E-mail: firstname.lastname@example.org
Hoylu AB (publ) is required to publish the above information under the EU Market Abuse Regulation. The information was submitted for publication by the Hoylu’s media contact stated in the release on September 7, 2017 at 5.00 p.m. CET.
This document is essentially a translation of Swedish language original thereof. In the event of any discrepancies between this translation and the original Swedish document the latter shall be deemed correct.