CITYCON OYJ Stock Exchange Release 22 March 2022 at 16:50
Based on the decision of the Board of Directors of Citycon Oyj (“Citycon” or the “Company”) on 22 March 2022, Citycon will repurchase and convey its own shares, based on the authorisation granted by the Annual General Meeting held on 22 March 2022, in several separate transactions, in accordance with the Company’s share-based incentive programmes, however a maximum number of 441,341 of its own shares in the aggregate, to implement payments of rewards earned under the Company's share-based incentive programmes and agreed severance payments. The share repurchases and conveyance of shares shall start on 23 March 2022 at the earliest and end by the earlier of the following: (i) the closure of the Annual General Meeting 2023 of Citycon or (ii) 30 June 2023, at the latest. This maximum number of shares corresponds to approximately 0.26 per cent of all the shares of the Company as at the date of this release and to a value of approximately EUR 3.1 million based on the closing share price of the last trading day preceding the date hereof.
The repurchased shares will be conveyed in several instalments to participants in the Company's Matching Share Plan 2018–2020, Matching Share Plan 2022–2024, Restricted Share Plan 2018–2020, Restricted Share Plan 2020–2022, Performance Share Plan 2020–2022, the CFO Restricted Share Plan 2021–2024 and the CEO Restricted Share Plan 2021–2025 in accordance with the terms and conditions of the said plans. The shares will be conveyed through a directed share issue without consideration to the participants who are, at each time, entitled to reward under the plans. The Company will also convey shares as severance payments in accordance with the respective termination agreements.
The shares are repurchased and issued in order to execute the Company's share-based incentive programmes and severance payments. There are thus weighty financial reasons for the repurchase and share issue. The shares payable as severance payments or as rewards for each performance period under share-based incentive plans will be repurchased during certain defined periods after the end of each vesting period as applicable or after the confirmation by the Board of Directors on the reward from each performance period as applicable, and conveyed to the participants in the plan on certain defined time after the end of each such repurchase period.
The shares will be repurchased otherwise than in proportion to shareholders’ current holdings through public trading from Nasdaq Helsinki Ltd using the Company’s unrestricted equity at a price formed for the shares in public trading organised by Nasdaq Helsinki Ltd on the date of repurchase of the shares. The share trades shall be settled and the consideration paid for the repurchased shares shall be paid in accordance with the standard settlement timetable set forth in the trading rules of Nasdaq Helsinki Ltd.
The shares to be conveyed in the share issue will entitle their holders to dividend and other shareholder rights when they have been registered in the book-entry accounts of the recipients.
Further details concerning the Company's Matching Share Plan 2018–2020, Matching Share Plan 2022–2024, Restricted Share Plan 2018–2020, Restricted Share Plan 2020–2022, Performance Share Plan 2020–2022, CFO Restricted Share Plan 2021–2024 and CEO Restricted Share Plan 2021–2025 are available in the Company's remuneration reports and stock exchange releases and on the Company’s website.
Citycon does not hold any of its own shares as at the date of this release. The share issue does not change the share capital of the Company.
For further information, please contact:
Vice President, Corporate Finance and Investor Relations
Tel. +358 50 387 8180
Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.5 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
Citycon has investment-grade credit ratings from Moody's (Baa3), Fitch (BBB-) and Standard & Poor's (BBB-). Citycon’s shares are listed on Nasdaq Helsinki Ltd.