Company Announcement, Insider information 9 March 2020 at 3.30 p.m. (CET)
Savosolar resolved on a directed share issue without consideration to the Board members
The Board of Directors of Savosolar Plc (”Savosolar”) 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 28 March 2019.
The Annual General Meeting of the company held on 28 March 2019 resolved that the members of the Board of Directors be paid the following remuneration for the term that begins at the end of the Annual General Meeting and ends at the end of the next Annual General Meeting: EUR 21,600 for the Chairman of the Board and EUR 10,800 for each of the other members of the Board. Approximately 40 per cent of the remuneration to be paid to the members of the Board of Directors will be paid by giving to the Board members company’s new shares based on the authorization granted to the Board of Directors and approximately 60 per cent in cash. Cash portion of the remuneration will be paid in 12 monthly instalments to the extent it exceeds the amount of tax withholding from the remuneration. The portion of the remuneration to be paid in shares will be paid to the members of the Board of Directors in two (2) instalments, the first instalment within two (2) weeks of the publication of the half-year report for the period 1 January – 30 June 2019 and the second instalment between the period 1 – 30 November 2019. This is the second instalment of the above-mentioned resolution, which had not, due to insider rules, been paid to the members of the Board of Directors previously.
The company issues a total of 1,065,875 new shares, which were offered for subscription to the members of the Board of Directors without consideration. The Chairman of the Board subscribed for 426,350 new shares and other the Board members 213,175 new shares each. When calculating the number of shares the volume weighted average price of the company’s share on Nasdaq First North Growth Market Sweden during 1 November 2019 – 30 November 2019, i.e. SEK 0.1078, has been used.
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, ”MAR”). The information was submitted for publication by the aforementioned person on 9 March 2020 at 3.30 p.m. (CET).
Savosolar 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, Savosolar helps its customers to produce competitive clean energy. Savosolar’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. Savosolar 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 almost 20 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH. www.savosolar.com.
The company’s Certified Adviser is Augment Partners AB, email@example.com, phone: +46 8-505 65 172.