HELSINKI, July 13, 2017 /PRNewswire/ --Based on the decision of the Board of Directors on 12 July 2017, Citycon Oyj will repurchase and convey, always subject to a valid authorization granted by the Annual General Meeting of the company, in several separate transactions during 2017–2020, an aggregate maximum number of 2,500,000 of its own shares to implement payments of rewards earned under the company's share based incentive programmes. This maximum number of shares corresponds to approximately 0.3 per cent of all the shares of the company at the date of this release.
The repurchased shares will be conveyed in several instalments to participants in the company's Performance Share Plan 2015 and Restricted Share Plan 2015 in accordance with the terms and conditions of said plans. The shares will be conveyed through a directed share issue without consideration to the participants who are, at each time, entitled to reward under the plans. The shares are repurchased and issued in order to execute the company's long term incentive programmes and there are thus weighty financial reasons for the repurchase and share issue.
The shares payable as rewards for each performance period under Performance Share Plan 2015 will be repurchased during certain defined periods after the approval by the company's Board of Directors of the financial statements of the company for the years 2017, 2018 and 2019, respectively, and conveyed to the participants in the plan after the end of each such repurchase period. The shares payable as rewards under Restricted Share Plan 2015 will be repurchased during certain defined periods after the end of each individual vesting period under the plan and conveyed to the participants in the plan after the end of each such repurchase period.
The shares will be repurchased otherwise than in proportion to shareholders' current holdings using the company's unrestricted shareholders' equity at the market price formed for the shares at the time of repurchase of the shares through public trading in a regulated market arranged by Nasdaq Helsinki Oy. The shares will be acquired and paid for according to the rules and instructions of Nasdaq Helsinki Oy and Euroclear Finland Ltd.
The shares to be conveyed in the share issue will entitle their holders to dividend and other shareholder rights when they have been registered in the book-entry accounts of the participants in the company's Performance Share Plan 2015 and Restricted Share Plan 2015.
Further details concerning the company's Performance Share Plan 2015 and Restricted Share Plan 2015 are available in the company's remuneration statements and stock exchange releases dated 11 February 2015, 13 July 2015, 11 February 2016 and 22 March 2017.
Citycon Oyj does not hold any of its own shares at the date of this release. The share issue does not change the share capital of the company.
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Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic and Baltic region, managing assets that total EUR 5 billion and with market capitalisation of EUR 2 billion. Citycon is No. 1 shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.
Citycon has investment-grade credit ratings from Moody's (Baa1) and Standard & Poor's (BBB). Citycon Oyj's share is listed in Nasdaq Helsinki.
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SOURCE Citycon Oyj