Savosolar resolved on a directed share issue without consideration relating to Board remuneration

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Savosolar Plc
Company Announcement             12 December 2022 at 8.00 a.m. (CET)

Savosolar resolved on a directed share issue without consideration relating to Board remuneration

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 resolutions by the Annual General Meeting on 26 April 2022 and the Extraordinary General Meeting on 25 November 2022.

The Annual General Meeting of the company held on 26 April 2022 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 number of remuneration shares will be determined on the basis of the value of the company’s share in First North Growth Market Finland as follows: the volume weighted average price of the Savosolar Plc’s share within two (2) weeks following the publication of the half-year report for the period 1 January  –  30 June 2022 will be used as the value of share.

Further, the Extraordinary General Meeting of the company held on 25 November 2022 resolved that the Board remuneration decided by the Annual General Meeting on 26 April 2022 remain unchanged, however, in such a way that the Board members leaving the Board have the right to 7/12 of the Board remuneration decided and the newly elected Board members to 5/12 of the Board remuneration decided. Accordingly, the current Chair of the Board is entitled to 7/12 of the decided remuneration of the Chair of the Board and 5/12 of the remuneration of the other Board members, and the newly elected Chair of the Board is entitled to 5/12 of the remuneration of the Chair of the Board.

The company issues a total of 412,188 new shares, which were offered for subscription without consideration to the existing members of the Board of Directors as well as to the persons who left the Board as a result of the Extraordinary General Meeting of the company held on 25 November 2022. When calculating the number of shares, the volume weighted average price of the Company’s share on First North Growth Market Finland from 18 August 2022 to 31 August 2022, i.e. approximately EUR 0.06725, has been used as the value per share.

SAVOSOLAR PLC

For more information:

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.com

About Savosolar

Savosolar has two business units: Marine logistics and Renewable energy.

The Marine logistics business unit (Meriaura Oy) is a major carrier of dry cargo and demanding project deliveries in Northern Europe, especially in the Baltic Sea and North Sea regions. The company offers its customers competitive and environmentally sustainable sea transport services, while at the same time reducing the carbon emissions of sea transport. Long charter contracts, a modern fleet and a strong market position in renewable energy construction projects offer the opportunity for cargo that supports environmentally friendly solutions. As part of Marine logistics, VG-EcoFuel produces recycled biofuels from recycled bio-oils and industrial byproducts.

The renewable energy business unit designs and delivers clean energy production systems as turn-key deliveries. The heart of the systems is large-scale solar heating systems, which are implemented using the company’s own efficient solar thermal collectors. In addition, other energy production and storage technologies can be connected to the systems. The company has taken solar thermal technology to a next level, and its collectors feature patented, nano-coated direct flow absorbers. With this leading technology, Savosolar helps its customers produce clean and competitive energy

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, info@augment.se, phone: +46 8-604 22 55.

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