HELSINKI, April 17, 2019 /PRNewswire/ -- CITYCON OYJ Stock Exchange Release 17 April 2019 at 09:05 hrs
Based on the decision of the Board of Directors on 16 April 2019, 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 2019–2021, an aggregate maximum number of 171,300 of its own shares to implement payments of rewards earned under the company's share-based incentive programmes and agreed severance payments. This maximum number of shares corresponds to approximately 0.1 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 Matching Share Plan 2018–2020, Restricted Share Plan 2018–2020 and CEO's Restricted Share Plan 208–2021 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 company will also convey shares as severance payments in accordance with the respective termination agreements of the previous management members.
The shares are repurchased and issued in order to execute the company's share-based incentive programmes and severance payments. There are thus weighty financial reasons for the repurchase and share issue. The shares payable as severance payments or as rewards for each performance period under share-based incentive plans 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 2018, 2019 and 2020 respectively, and commencing on 18 April 2019 at the earliest, 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 recipients.
Further details concerning the company's Matching Share Plan 2018–2020, Restricted Share Plan 2018–2020 and the CEO's Restricted Share Plan 2018–2021 are available in the company's remuneration statements, company website and stock exchange releases.
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.
For further information, please contact:
F. Scott Ball, CEO
+46 (0)73 063 5190
Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total almost EUR 4.5 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 (Baa2) and Standard & Poor's (BBB-). Citycon Oyj's share is listed in Nasdaq Helsinki.
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SOURCE Citycon Oyj