Company Announcement 29 April 2020 at 9.00 p.m. (CEST)
Quantity of shares in Savosolar Plc after completion of the first phase in reducing the quantity of shares
The Annual General Meeting of Savosolar Plc (the “Company” or “Savosolar”) resolved on 27 April 2020 to reduce the quantity of Savosolar’s shares without reducing share capital by way of issuing new shares to its shareholders without consideration, and by redemption of Company’s own shares without consideration, in such a way that each current 100 shares of the Company shall correspond to one share of the Company after the arrangements related to the reduction of the quantity of Company’s shares are completed.
As part of the arrangements in respect of shareholders registered on the Transaction Day (as defined below) in the shareholders’ register of Savosolar held by Euroclear Finland Ltd, the Annual General Meeting resolved that the Company shall issue on 29 April 2020 (the “Transaction Day”) in maximum 500,000 new shares of the Company without consideration so that the number of all shares per book-entry accounts owned by such shareholders of the Company are divisible by the number 100. 107,246 shares were needed in order to make the number of Company’s shares owned by such shareholders divisible by the number 100. Pursuant to the resolution of the Board of Directors today on 29 April 2020, the total number of the new shares issued to such shareholders without consideration was 107,246 shares. After such share issue, the number of the shares in the Company was 1,933,075,900 on the Transaction Day. Further, pursuant to the resolution of the Annual General Meeting, as further elaborated by the Board of Directors today on 29 April 2020, the Company has on the Transaction Day in connection with the share issue referred to above, redeemed from all shareholders without consideration such number of Company’s shares which is required by the redemption ratio of 100/1 to execute the reduction of the number of shares in the Company i.e. altogether 1,913,745,141 shares of the Company.
Furthermore, the Annual General Meeting resolved on 27 April 2020 on a share issue of 15,000 shares to the Company itself without payment. The Company executes the share issue in order to reduce the number of shares.
Pursuant to the resolution of the Annual General Meeting, the Board of Directors has resolved to annul 1,913,745,141 Company shares, which became Company’s possession on the Transaction Day. After the annulment and the share issue to the Company itself without payment, the number of the shares in the Company is 19,345,759.
The annulment of the shares in the Company and the new total number of the Company’s shares has been registered with the Trade Register on 29 April 2020. Trading with the reduced number of the Company’s shares shall commence on First North Growth Market Finland and First North Growth Market Sweden on or around 30 April 2020.
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
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.