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 at the end of July 2017 is 109,690,865. 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 2017 was 146,239,932 shares. At the end of the year 2017, Savosolar had 6,078 shareholders (year 2016: 3,899). The company does not hold any of its own shares.
Biggest shareholders on 29 December 2017 (Euroclear’s register)
|Shareholder||Holding, number of shares||Percentage of all shares|
|FÖRSÄKRINGSAKTIEBOLAGET, AVANZA PENSION||10,851,159||8.30|
|DANSKE BANK OYJ||3,340,954||2.56|
|NORDNET PENSIONSFÖRSÄKRING AB||3,298,966||2.52|
|SUOMEN ITSENÄISYYDEN JUHLARAHASTO||2,835,256||2.17|
|JPMEL – STOCKHOLM BRANCH||1,480,097||1.13|
|GEUST, JOHAN NIKLAS ERIK||1,373,373||1.05|
|NETFONDS ASA, NQI||1,326,601||1.01|
|HÄMÄLÄINEN, SAMI PETTERI||1,300,000||0.99|
|VON DER OSTEN-SACKEN, BERNHARD||943,462||0.72|
Note: Lusam Invest AB owns 7,910,060 shares as of 29 December 2017 (via endowment insurance) 6.05 %
Fredrik Lundgren owns 4 429 460 shares as of 29 December 2017 (privately and via endowment insurance) 3.39 %
Savosolar has currently one warrant plan for persons who have subscribed for offer shares in the rights issue arranged in 2017 and two stock option programs for the personnel.
Stock option program 1-2015 for personnel
In the stock option program “1-2015” 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 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 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.
Warrant plan 1-2017 for subscribers in the rights issue
In connection with the rights issue arranged in summer 2017 Savosolar issued free of charge a total of 23,645,786 warrants to the subscribers in the right issue, entitling their holders to subscribe for a total of 23,645,786 new shares of the company. Subscription rights were distributed in the way that per each three subscribed and paid new offer share the subscriber was granted one warrant.
The share subscription period for stock options is from 20 November until 1 December 2017. The subscription price for the shares is determined by the volume weighted average price of the company’s share on First North Finland between 2 – 16 November 2017, with an applied discount of 25%. The subscription price, however, is at least EUR 0.06 and at most EUR 0.09.
Stock option program 2-2017 for personnel
The company also has a stock option program 2-2017, in which a maximum of 2,000,000 option rights can be distributed, entitling to subscribe a maximum of 2,000,000 new shares of the company.
Of the stock options, 500,000 are marked with the symbol 2/2017A, 500,000 are marked with the symbol 2/2017B, 500,000 are marked with the symbol 2/2017C and 500,000 are marked with the symbol 2/2017D. Each stock option entitles to subscribe for one new share of the company. The share subscription price shall be entered into the invested unrestricted equity fund of the company.
The share subscription periods are as follows:
– for stock option 2/2017A 1 January 2018–31 December 2019
– for stock option 2/2017B 1 July 2018–31 December 2019
– for stock option 2/2017C 1 January 2019–31 December 2019
– for stock option 2/2017D 1 July 2019–31 December 2019.
The Board of Directors may decide upon distribution of stock options that the beginning of the share subscription period for stock options shall be conditional to the fulfilment of financial targets of the Group or other targets determined by the Board of Directors.
In September 2017, a total of 1,880,000 stock options from the stock option program were distributed widely to the management and other personnel of the company.