Share and shareholders
and share ownership
Savosolar’s shares are traded on First North Sweden marketplace maintained by Nasdaq Stockholm since 2 April 2015 and on First North Finland marketplace maintained by Nasdaq Helsinki since 24 April 2015. Savosolar’s shares are included in the book-entry securities system of Euroclear in Finland and in Sweden. The total number of the company’s shares in December 2016 is 35,469,332. Each share entitles its holder to one vote at the General Meeting.
First North is an alternative market, operated by the different exchanges within Nasdaq. It does not have the legal status as an EU-regulated market. Companies at First North are subject to the rules of First North and not the legal requirements for admission to trading on a regulated market. The risk in such an investment may be higher than on the main market. All companies with shares traded on First North have a Certified Adviser who monitors that the rules are followed. The Exchange approves the application for admission to trading on First North.
FIRST NORTH SWEDEN
Short code: SAVOS
FIRST NORTH FINLAND
Short code: SAVOH
The combined trading volume in 2016 was 33,392,937 shares. At the end of the report period, Savosolar had 3,899 shareholders (2,498). The company does not hold any of its own shares.
Biggest shareholders on 28 April 2017
|Shareholder||Holding, number of shares||Percentage of all shares|
|The Finnish Innovation Fund Sitra||4,378,556||12.34|
|Försäkringsaktiebolaget Avanza Pension||1,220,869||3.44|
|Nordnet Pensionsförsäkring AB||987,680||2.78|
|Cleantech Invest Oyj||686.545||1.94|
|JPMel – Stockholm Branch||403.663||1.14|
|Oy Ingman Finance Ab||400.000||1.13|
|Geust Johan Niklas Erik||365,015||1.03|
Savosolar has currently one valid stock option programme “1-2015”, according to which a maximum of 250,000 stock options of the company can be granted. Of the stock options, 77,500 are marked with the symbol 2015A, 57,500 are marked with the symbol 2015B, 57,500 are marked with the symbol 2015C and 57,500 are marked with the symbol 2015D.
Originally, the stock options entitled to subscribe for a total of up to 250,000 shares in the company. In December 2015, the company’s Board of Directors decided to amend the terms of the stock option programme due to the rights issue that ended on 20 November 2015 in such a way that each stock option entitles its holder to subscribe two new shares.
The subscription price for the shares was originally EUR 1.50 per share. In November 2015, The Bord of Directors resolved to amend the subscription price to EUR 0.93 per share. Later, in connection with the offering arranged in June 2016, the Board of Directors decided that the new subscription price per share is EUR 0.82. The share subscription price shall be entered into the invested unrestricted equity fund of the company.
A total of 92,600 stock options have been allocated to seven persons employed by the company. Stock options were allocated to the management team as follows: to Patrick Jansson 17,000, to Aku Järvisalo 11,000 and to Jari Varjotie 25,000.
The subscription periods are as follows:
- for stock option 2015A 1 April 2016-31 March 2018
- for stock option 2015B 1 October 2016-31 March 2018
- for stock option 2015C 1 April 2017-31 March 2018
- for stock option 2015D 1 October 2017-31 March 2018.
The company shall hold the stock options on behalf of the stock option owner until the beginning of the share subscription period. To the extent the legislation or the company’s insider rules in force from time to time do not impose restrictions for transfer, the stock options may freely be transferred and pledged, when the relevant share subscription period has begun. The Boar d of Directors may, however, permit the transfer or pledge of stock options also before such date. Should the stock option owner transfer or pledge his or her stock options, such person shall be obliged to inform the company about the transfer or pledge in writing, without delay. The Board of Directors may, at its discretion, decide to restrict the transfer of stock options in certain countries, e.g. for legal or administrative reasons. Should a stock option owner cease to be employed by or in the service of a company belonging to the group, for any reason other than the death or the statutory retirement of a stock option owner or the retirement of a stock option owner in compliance with the employment or service contract, or the retirement of a stock option owner otherwise determined by the company, or the permanent disability of a stock option owner, such person shall, without delay, forfeit to the company or its designee, without compensation, such stock options that the Board of Directors has distributed to him/her at its discretion, for which the share subscription period has not begun, on the last day of such person’s employment or service.
Should the rights and obligations arising from the stock option owner’s employment or service be transferred to a new owner or holder, upon the employer’s transfer of business, the process shall be similar. As an exception to the above, the Board of Directors may, at its discretion, decide, when appropriate, that the stock option owner is entitled to keep such stock options, or a part of them. Should the company, before the share subscription, decide on an issue of shares or an issue of new stock options or other special rights entitling to shares so that the shareholders have preferential subscription rights, the owner of a stock option shall have, pursuant to the terms of the stock option programme, the same right as, or an equal right to, that of a shareholder. Equality is reached in the manner determined by the Board of Directors by adjusting the number of shares available for subscription, the share subscription prices or both of these.