Panostaja Oyj Stock Exchange Bulletin June 28, 2016, 14:30 pm
Panostaja Oyj’s (Panostaja) board decided on December 10, 2015 to extend the long-term share-based incentive and commitment scheme for the purpose of rewarding the members of Panostaja’s Senior Management Team (Miikka Laine, Juha Sarsama, Minna Telanne and Tapio Tommila) during the years 2016–2018. The system combines the long-term interests of the Panostaja shareholders and Senior Management Team while strengthening the management team members’ commitment to the company and enabling them to have significant entrepreneurial ownership of Panostaja.
Panostaja sold today 700,000 of its own shares to members of the management team. These members have now procured, either for themselves or for the companies where they hold controlling interest, the maximum number of shares, 1,250,000, as defined by the system, taking prior shareholdings into account. The members also commit to maintaining ownership of the shares for the validity period of the system. The Management’s share ownership within the incentive and commitment scheme is distributed as follows:
Pravia Oy (Juha Sarsama) 550,000 shares (prior shareholding 350,000)
Comito Oy (Tapio Tommila) 300,000 shares (prior shareholding 200,000)
Miikka Laine 200,000 shares
Minna Telanne 200,000 shares
Total 1,250,000 shares
The members of the Senior Management Team have financed their investments through company loans and they bear the genuine corporate risk with respect to the investment they have made in the scheme.
In order to enable the acquisition of the shares and as part of the scheme, Panostaja’s Board of Directors decided to grant an interest-bearing loan in the total amount of EUR 581,000 to the Senior Management Team members or to the companies where they have a controlling interest.
After the share sale, the company holds 368,370 shares.
PANOSTAJA OYJ
Board of Directors
Further information is provided by Chairman of the Board Jukka Ala-Mello, tel. +358 (0)50 5543 810 and CEO Juha Sarsama, tel. +358 (0)40 774 2099.