Stockholm, March 04, 2019 (GLOBE NEWSWIRE) --
The Board of Directors of Vostok Emerging Finance Ltd (“VEF” or the “Company”) announced its decision to mandate management of VEF to repurchases Swedish Depository Receipts (SDRs) of the Company on May 22, 2018. The Board of Directors has resolved to renew this mandate for a buyback program for a total amount of up to USD 5 million until the 2021 Annual General Meeting (“AGM”) of the Company.
The purpose of the buyback program is to cover the Company’s commitments under its Long Term Incentive Programs (“LTIP”), approved by the AGMs in 2016, 2017 and 2018, respectively.
The buy-back program is being carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 (”MAR”) and the Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbour Regulation”).
The buy-back program is subject to the following terms:
- SDR repurchases are to be made on Nasdaq First North.
- SDR repurchases can be made from today and until the 2021 AGM of the Company.
- The Company can buy a maximum of 26,803,335 SDRs to cover its obligations in outstanding LTIPs, of which 11,315,861 SDRs have already been bought back.
- Buybacks can be done for a maximum amount of USD 5m.
- Repurchases of SDRs are to be made at a per-SDR price within the registered interval for the going rate at any given time, which denotes the interval between the highest and lowest selling price.
In accordance with the terms of the previously announced buyback mandate on May 22, 2018, the Company may continuously also buy back SDRs in block trades when permitted according to MAR and the Safe Harbour Regulation.
As of today, the Company holds 11,315,861 repurchased SDRs, and the total number of outstanding SDRs of the Company, excluding repurchased SDRs, is 650,180,134.
For further information please contact:
Henrik Stenlund, CFO: +46 (0) 8-545 015 50
Vostok Emerging Finance is an investment company with the goal of investing in early stage modern financial services companies across emerging and frontier markets. VEF trades in Sweden on Nasdaq First North under the ticker VEMF SDB.
Vostok Emerging Finance’s Certified Adviser on Nasdaq First North is Pareto Securities AB, +46 8 402 50 00, certifiedadviser.se@paretosec.com.
This information is information that Vostok Emerging Finance Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 08:00 CET on March 4, 2019.
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