Suominen Corporation Stock Exchange Release 5 June 2015 at 10:45 am (EEST)
THE PORTION OF THE ANNUAL REMUNERATION OF THE MEMBERS OF THE BOARD OF DIRECTORS OF SUOMINEN CORPORATION WHICH SHALL BE PAID IN SHARES – TRANSFER OF OWN SHARES HELD BY THE COMPANY
The Annual General Meeting (AGM) of Suominen Corporation held on 19 March 2015 resolved on the following annual remuneration payable to the members of the Board of Directors for the year 2015: Chair EUR 50,000, Deputy Chair EUR 37,500 and other members EUR 28,000. Further, it was decided that 40% of the annual remuneration shall be paid in shares of Suominen Corporation.
In accordance with the resolution by the AGM, the number of shares forming the above-mentioned remuneration portion payable in shares will be determined based on the share value in the stock exchange trading maintained by NASDAQ OMX Helsinki Ltd, calculated as the trade volume weighted average quotation of the share during the one month period immediately following the date on which the interim report of January-March 2015 of the company is published. The shares will be given out of the own shares held by the company through the decision of the Board of Directors by 5 June 2015 at the latest.
Based on the above, the aggregate number of shares to be transferred to the members of the Board of Directors as their remuneration payable in shares is 86,989 shares. The value of the transferred shares totals EUR 79,800, or approximately EUR 0.91736 per share. These shares have been granted out of the Company’s own shares today, 5 June 2015, after the resolution taken by the Board of Directors. The resolution was based on the AGM’s authorization for the Board of Directors to decide on a share issue. Since the decision taken by the Board of Directors was essentially an execution of a detailed resolution taken by the AGM, the Board did not exercise independent discretion when it decided on the transfer of the shares. The transferred shares are of the same class as the company’s other shares.
The company held 1,000,875 own shares before the above-mentioned transfer of shares. The aggregate number of shares transferred to the members of the Board of Directors today on 5 June 2015 is 86,989. After the share transfer, Suominen Corporation holds 913,886 own shares.
Board of Directors
For further information, please contact: Tapio Engström, Senior Vice President, CFO, Suominen Corporation, tel. +358 10 214 300
Suominen in brief
Suominen manufactures nonwovens as roll goods for wipes as well as for medical and hygiene products. The end products made of Suominen’s nonwovens – wet wipes, feminine care products and swabs, for instance - bring added value to the daily life of consumers worldwide. Suominen is the global market leader in nonwovens for wipes and employs approximately 600 people in Europe and in the Americas. Suominen’s net sales in 2014 amounted to MEUR 401.8 and operating profit excluding non-recurring items to MEUR 26.9 (continuing operations). The Suominen share (SUY1V) is listed in NASDAQ OMX Helsinki Stock Exchange. Read more at www.suominen.fi.