Yahoo Finance Efecte Plc: Disposal of own shares for one-time employee share reward
EFECTE PLC — COMPANY ANNOUNCEMENT — 1 March 2021 at 17.15
Efecte Plc: Disposal of own shares for one-time employee share reward
Based on the authorization granted by the Annual General Meeting of Shareholders held on 22 April 2020, the Board of Directors of Efecte Plc has decided on a directed share issue without payment for a one-time share reward of 50 shares to each eligible employee of the Efecte group (the “Share Reward”). The Share Reward is paid from the Company’s treasury shares instead of monetary bonus as the Company exceeded its targets for 2020.
The Share Reward is offered free of charge to all employees of Efecte group, excluding employees who have joined after 31 August 2020 and the extended leadership team. The Share Reward is subject to an employment precondition according to which the employee must continue to be employed by the Efecte group and must not have submitted their resignation at the time of the payment of the Share Reward.
The Share Reward is subject to a transfer restriction, under which the recipients of the Share Reward may not sell or otherwise dispose of the Share Reward for a period of 12 months after the receipt of the shares.
There is a weighty financial ground for the Company for the issuance of the Share Reward since the shares are transferred as an incentive to the employees of the Company and its subsidiaries.
Efecte has on 1 March 2021 transferred 4300 treasury shares to eligible recipients of the Share Reward. The total number of shares transferred, 4300 shares, is approximately 0.07 per cent of the company's outstanding shares. After the share transfer on 1 March 2021, no further shares shall be transferred based on the terms of the Share Reward.
After the aforementioned share transfer implemented on 1 March 2021, the number of treasury shares held by the Company is 19,989 shares.
Further inquiries:
Tatu Paavilainen
Head of IR
tatu.paavilainen@efecte.com
+358 400 383 064
Taru Mäkinen
CFO
Efecte Plc
taru.makinen@efecte.com
+358 40 507 1085
Certified Adviser:
Evli Bank Plc, tel +358 40 579 6210
Efecte Plc
Efecte helps service organizations digitalize and automate their work. Customers across Europe leverage our cloud service to operate with greater agility, to improve the experience of end-users, and to save costs. The use cases for our solutions range from IT service management and ticketing to improving employee experiences, business workflows, and customer service. We are the European Alternative to global players in our space. Our headquarters is located in Finland and we have regional hubs in Germany and Sweden. Efecte is listed on the Nasdaq First North Growth Market Finland marketplace.
