Transcom enters into swap agreement to secure obligation to deliver shares under the 2015 long-term incentive plan
Stockholm, 23 October 2015
The annual general meeting of Transcom Worldwide AB (publ) (“Transcom” or the “Company”), held on 12 May 2015, resolved to adopt a long-term incentive program (the “LTIP 2015”) and authorized the board of directors to secure the Company’s obligations under the LTIP 2015 by entering into a Swap Agreement.
On October 23, 2015, the board of directors of Transcom entered into a Swap Agreement with Nordea Bank AB (publ) (“Nordea”). As per the shareholders’ authorization, the purpose of the agreement is to secure the obligation of the Company to deliver ordinary shares under the LTIP 2015 via a swap arrangement. Under the Swap Agreement, Nordea will deliver the ordinary shares to the participants in the LTIP 2015 once vested. In the meantime, while the shares are in Nordea’s custody, the Company will pay interest on the cost for purchasing the ordinary shares. Any dividend on the ordinary shares during such period will be refunded to the Company. Any remaining ordinary shares not delivered to the participants will be sold on Nasdaq Stockholm. Any profit will be paid to the Company, who also will carry the risk of potential losses.
As a result of the LTIP 2015, a maximum of 220,000 ordinary shares in the Company may be allotted, including compensation for dividends paid (if any) on the underlying share.
Transcom WorldWide AB (publ) discloses the information provided herein pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on 23 October 2015 at 2:00 PM CET.
For further information, please contact:
Johan Eriksson, President and CEO
Telephone +46 70 776 80 22
Ulrik Englund, CFO
Telephone +46 70 286 85 92
Stefan Pettersson, Head of Group Communications
Telephone +46 70 776 80 88