STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News:
The Board of Directors of Nobia has decided to transfer bought-back shares based on the authorisation granted by the 2014 Annual General Meeting and for the purpose of delivering shares under the employee share option scheme decided at the 2011 Annual General Meeting.
Nobia’s Annual General Meeting, held on 9 April 2014, authorised the Board of Directors, on one or several occasions only until the 2015 Annual General Meeting, to resolve to transfer bought-back shares for purposes including ensuring delivery of shares in connection with the implementation of the Group’s long-term employee share option schemes and performance share plans.
The employee share option scheme resolved at Nobia’s 2011 Annual General Meeting encompasses approximately 100 senior executives. Under the conditions of the scheme, each employee share option carries entitlement to the acquisition of one Nobia share during the period from and including 31 May 2014 up to and including 31 December 2015 at a predetermined exercise price of SEK 54.10. The right to utilise these employee share options requires that the holder remains an employee of Nobia and that average annual increase in the company’s earnings per share, adjusted for restructuring costs, during the 2011-2013 fiscal years, compared with the average for the 2009 and 2010 fiscal years, is at least 5.0 per cent and a maximum of 15.0 per cent. Maximum allotment was achieved.
The number of shares that will be transferred during the period until the 2015 Annual General Meeting for the purpose of fulfilling the aforementioned employee share option scheme is based on the number of employee share option that will actually be utilised. However, this figure will not exceed 1,035,000, which is the number of outstanding employee share options on the date of this press release. Sales of treasury shares will take place at a price of SEK 54.10 per share.
On the date of this press release, Nobia holds 8,162,300 treasury shares and the total number of shares in the company amounts to 175,293,458.
For information regarding the implementation of the transfer of bought-back shares, refer to http://www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares.
Nobia develops and sells kitchens through some twenty strong brands in Europe, including Magnet in the UK; Hygena in France; HTH, Norema, Sigdal, Invita and Marbodal in Scandinavia; Petra, Parma and A la Carte in Finland; ewe, Intuo and FM in Austria, as well as Poggenpohl globally. Nobia generates profitability by combining economies of scale with attractive kitchen offerings. The Group has approximately 6,600 employees and net sales of about SEK 12 billion in 2013. The Nobia share is listed on the NASDAQ OMX Stockholm under the ticker NOBI. Website: www.nobia.com.
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