Honkarakenne Oyj Stock exchange release 27 December 2016 at 2:30 p.m.
HONKA MANAGEMENT OY INCENTIVE SCHEME TO BE DISSOLVED
Honka Management Oy is a company created in 2010 as a management incentive scheme within the Honkarakenne Group. In 2010-2011, Honka Management Oy acquired a total of 286,250 B shares in Honkarakenne Oyj. Honka Management Oy financed the share acquisitions through capital investments by executives involved in the scheme and through loans granted by Honkarakenne Oyj.
Honka Management Oy’s shareholders have by consensus agreed to dissolve the scheme, with Honkarakenne Oyj acquiring all Honka Management Oy’s shares by purchase from executives involved in the scheme at a unit price of €1. Honkarakenne Oyj’s earlier ownership of the shares in Honka Management Oy was 47 %.
Based on the shareholder agreement, Honkarakenne Oyj already had control of Honka Management Oy before the share purchase, for which reason the latter was already included in the consolidated financial statements, and the shares in the parent company owned by Honka Management Oy were deducted from the consolidated balance sheet and from the Group’s unrestricted shareholders' equity. The arrangement implemented now does not have any impact on Group’s result in 2016.
HONKARAKENNE OYJ
Board of Directors
FURTHER INFORMATION
President and CEO Marko Saarelainen, tel. +358 40 542 0254, marko.saarelainen@honka.com
DISTRIBUTION
NASDAQ OMX Helsinki Oy
Key media
Financial Supervisory Authority
www.honka.com