Stock options

Largest shareholders

Insiders and their ownership

About First North

 

Share

Savosolar's shares are traded on First North Sweden marketplace maintained by Nasdaq Stockholm since 2 April 2015 when they were listed. Savosolar's shares are traded also in First North Finland market place maintained by Nasdaq Helsinki since 24 April 2015 when they were secondary listed there.

Savosolar's shares were entered into the book-entry securities system in Finland on 16 January 2015. Each share entitles its holder to one (1) vote at the General Meeting.

In the share issue in conjunction with the listing 2,036,850 new shares were subscribed, and after that the total number of all shares of the company was 5,295,810. During the listing the company's Class B shares were converted into Class A shares at the ratio of 1: 1.

In the rights issue carried out in December 2015, a total of 10,591,620 new shares were subscribed. After the registration of the new shares the total number of shares is 15,887,430.

In May 2016 the company issued a total of 19,445 new shares of the company as a partial remuneration to the members of the Board of Directors without consideration, in accordance with the decision of the Annual General Meeting. After that the number of shares is 15,906,875.

In connection with the rights issue in September 2016, the number of the company's shares was increased besides the major rights issue also in three further rights issues. After the new shares have been registered, the total number of the company’s shares in November 2016 is 35,469,332.

 

FIRST NORTH SWEDEN
Short code: SAVOS
ISIN-code: FI4000123096

FIRST NORTH FINLAND
Short code: SAVOH
ISIN-code: FI4000123096

 

 Stock options

Stock option programme 1-2015

The Board of Directors has in February 2015 resolved on a stock option programme, 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 (2) 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, and

- 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.

Stock option programme 2-2015

The company’s Board of Directors has in 20 November 2015 decided on a stock option programme pursuant to which 2,647,905 of the company’s stock options have been issued, entitling to subscribe a total of 2,647,905 of the company’s new shares.

The stock options were issued to investors who subscribed shares in the company’s rights issue decided upon on 20 November 2015. The subscription period for the shares against the stock options is 5 October-21 October 2016. The share subscription price shall be EUR 0.88 or SEK 8.44 per share. The shares’ subscription price is recorded, in full, in the company’s unrestricted equity fund. 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.

As no shares were subscribed against the warrants, the stock option programme 2-2015 has expired and the related warrants are no longer traded and included in the Euroclear book-entry system.

 

Largest shareholders


The company has in November 2016 a total of 3,727 shareholders. The table below lists the holding of the ten largest shareholders.

 

 

Shareholder Number of shares % of all the shares and vote
The Finnish Innovation Fund Sitra  4,378,556 12.34
Nordnet Pensionsförsäkring AB 1,670,141 4.71
Försäkringsaktiebolaget, Avanza Pension 1,120,231 3.16
Suur-Savon Osuuspankki 1,004,230 2.83
Oy Ingman Finance 831,180 2.34
Cleantech Invest Oyj 774,154 2.18
Dividend Sweden AB 669,890 1.89
Wiman Kristian 637,000 1.80
Wiman Susanna 637,000 1.80
Wiman Henric 627,725 1.77
Others 23,119,225 65.18
In total 35,469,332 100

 

Insiders and their ownership

 

Because the rules and regulations no longer require a public register of insiders and their holdings on the website, the information on this page is freezed to show the status as per April 2016. Changes in holdings of insiders and their related parties will be disclosed in company announcements in line with the Market Abuse Regulation.

Members of the Board of Directors and the Management team owned in April 2016 a total of 552,609 shares of the company and a total of 53,000 option rights entitling them to the subscription of shares. The table below shows all shares and other related derivative instruments that the persons in question or their immediate family members own directly or indirectly through entities under their control or under the control of their immediate family members. The shares represent approximately 3.5 per cent of all issued shares and voting rights, which have been registered in the Finnish Trade Register on 7. April 2016.

  Shares Options
Board of directors    
Feodor Aminoff    
   Flaxi Ky Kb 11,650  -
   SEB Life 89,369  -
Sami Tuhkanen  -  -
Michael Mattsson  -  -
  Kapitalförsäkring (Insurance comapny) 80,850  
Kenneth Granljung  -  -
Christof Gey  -  -
     
Management team Shares  Options
Jari Varjotie 69,380  25,000 
Kaj Pischow 192,000   
Patrick Jansson 13,360  17,000 
Paola Santilli  -  -
Rosa Aimo 96,000   -
Aku Järvisalo  11,000
Seppo Ypyä  -
     
Auditors    
Pekka Loikkanen, KHT, PricewaterhouseCoopers Oy  -  - 
Jukka Lievonen, KHT, PricewaterhouseCoopers Oy  -  -
     
Certified advisors    
Daniel Orispää, Mangold Fondkommission AB  -  -
Erik Josefson, Mangold Fondkommission AB    
TOTAL 552,609  53,000
TOTAL shares and options 605,609  
Number of all shares in the company 15,877,430  

 

 

About First North

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.

 

Stock options

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map-tack Savo-Solar Plc
Insinöörinkatu 7
FI-50150, Mikkeli
Finland
letter +358 (0) 10 271 0810
info(at)savosolar.fi
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