Savo-Solar Ltd.
Company Announcement 3 May 2016 at 4.35 p.m. (CET)
Paying of Savo-Solar Ltd's Board remuneration in form of directed share issue without consideration
The Board of Directors of Savo-Solar Ltd. has resolved on a directed share issue to be used as a part of the Board members' remuneration in accordance with the resolution by the Annual General Meeting on 19 April 2016. The company issues a total of 19,445 new class A shares, which are offered for subscription to the members of the Board of Directors without consideration. The Chairman of the Board is offered a total of 7,778 new shares and other Board members are offered 3,889 new shares each. As the Board member Sami Tuhkanen has informed that he will not take any remuneration, the total number of new shares offered in the share issue is 19,445.
When calculating the number of shares the closing price of the company's share on First North Sweden on 2 May 2016, i.e. SEK 5.10 (approximately EUR 0.56) has been used as the value per share. Registration of the new shares with the Trade Register will take place approximately on 11 May 2016, and after that the total number of the company's shares is 15,906,875. New shares will be recorded into the book-entry system approximately on 11 May 2016 and they are applied for trading as equal with the other shares of the company on First North Finland and on First North Sweden approximately on 16 May 2016.
The Annual General Meeting resolved on 19 April 2016 that EUR 21,600 be paid for the Chairman of the Board and EUR 10,800 for each of the other members of the Board. Approximately 40% of the remuneration will be paid by giving to the Board members the company's new class A shares in two instalments. The directed share issue resolved today is the first instalment of the remuneration to be paid in shares. The second instalment will be paid within two weeks of the publication of the half-year report for the period 1 January -30 June 2016. The Board members are not allowed to transfer the shares received as Board remuneration before their membership in the Board has ended.
SAVO-SOLAR LTD.
Board of Directors
For more information:
Savo-Solar Ltd.
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.fi
Ingrid Östhols, communication
Phone: +46 721 810 867
E-mail: ingrid.osthols@savosolar.se
Certified Adviser
Mangold Fondkommission AB
Phone: +46 (8) 5030 1550
E-mail: info@mangold.se
Savo-Solar in brief
Savo-Solar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savo-Solar helps its customers to produce competitive clean energy. Savo-Solar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savo-Solar is known as the most innovative company in the business, and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savo-Solar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.fi.
The company's Certified Adviser is Mangold Fondkommission AB.