Innofactor Plc Stock Exchange Release June 30, 2015 at 8:30 Finnish time
The Board of Directors of Innofactor Plc has decided on a new share-based incentive plan for all Innofactor Group’s personnel (“Personnel issue”).
The decision to issue a maximum of 800,000 new shares (“Personnel Shares”) was done on the basis of an authorization granted by the General Meeting of Shareholders for Innofactor Group’s personnel allowing deviation from the shareholders' pre-emptive subscription rights. Innofactor Plc has, at the time of the decision on June 29, 2015, a total of 32,653,737 shares outstanding. If all the offered Personnel Shares are subscribed in the Personnel Issue, the number of shares outstanding will increase to a maximum of 33,453,737 shares, out of which the maximum of 800,000 Personnel Shares would cover a maximum of 2.39 percent of the total post-issue shares and votes. The purpose of the directed Personnel Issue is to increase the personnel’s engagement to the Company and therefore a weighty financial reason exists for waiving the pre-emptive rights of shareholders.
The subscription price for the Personnel Shares is based on weighted average price for the Innofactor Plc shares during the following month after publishing the next interim report of Innofactor Plc 21 July – 20 August 2015, the subscription price for Personnel Shares being approximately 10% lower than the weighted average share price in the said period. The subscription price will be announced to the personnel approximately on 21 August 2015. The subscription price will be credited as an increase in the Company’s Fund for Invested Unrestricted Equity.
Innofactor will grant a loan for its personnel to cover the subscription price. The loan term will be 10 years. The loan will be granted as part of the distributable fund of the company. The interest rate of the loan will be the 12 months Euribor rate at the time of the subscription period and will be adjusted annually. The loan repayments and interest payments will be deducted from the employees’ monthly net salaries.
The subscription of the Personnel Shares and the loans will take place during 7 September – 11 September 2015.
The trading with the issued Personnel Shares on the Helsinki Stock Exchange (NASDAQ OMX) is estimated to start on 1 October 2015. However, the Personnel Shares are subject to sale and transfer restriction for 12 months starting from the date of the registration of the new shares subscribed in the Personnel issue in the Trade Register.
The Company will publish the final results of the Personnel Issue as a Stock Exchange Release on around 30 September 2015.
INNOFACTOR PLC
Board of Directors
Additional information:
Sami Ensio, CEO
Innofactor Plc
Tel. +358 50 584 2029
Distribution:
NASDAQ OMX Helsinki
Main media
About Innofactor Plc
Innofactor is one of the leading Nordic IT solution providers focused on Microsoft platforms. Innofactor delivers business critical solutions and maintenance services as a system integrator and develops its own software products and services. Innofactor’s own product development is focused on Microsoft’s Azure based cloud solutions. Innofactor's customers include about 1,000 private and public sector organizations in Finland, Denmark, Sweden and elsewhere in Europe. The company has about 400 motivated and skilled employees in a number of locations in Finland, Denmark, and Sweden. From 2010 to 2014, Innofactor's annual net sales growth has been 45 percent on average. Innofactor recognized as winner for 2015 Microsoft Finland Partner of the Year and finalist for two global Public Sector categories. The Innofactor Plc is listed in the technology section of the main list of NASDAQ OMX Helsinki.