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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

Helsinki, Finland, 2013-09-11 16:20 CEST (GLOBE NEWSWIRE) -- Suominen Corporation   Stock exchange release  11 September 2013 at 17:20 (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 on Shareholders of Suominen Corporation held on 26 March 2013 resolved on the following annual remuneration payable for the year 2013 to the Members of the Board of Directors: Chairman 50,000 euro, Deputy Chairman 37,500 euro and Member 28,000 euro and that 40% of the annual remuneration shall be paid in shares of Suominen Corporation.

The portion of the above remuneration to be paid in shares has been delivered today, 11 September 2013, by transferring own shares held by Suominen Corporation without consideration. The Board of Directors of Suominen Corporation has resolved on the delivery of the shares based on the share issue authorization granted by the Annual General Meeting of Shareholders held on 26 March 2013. The shares to be transferred are of the same class as the company’s other shares.

The number of shares formed by the above remuneration portion which is payable in shares has been determined based on the share value in the stock exchange trading maintained by NASDAQ OMX Helsinki Oy as follows: The share value has been determined based on the trade volume weighted average quotation of the share during the trading day immediately preceding the above mentioned day on which the shares were delivered. Based on the above the annual remuneration payable to the Members of the Board of Directors in shares for the year 2013 is 135,931 shares in the aggregate.

The company held 2,060,298 own shares before the above transfer of shares. The aggregate number of shares transferred to the members of the Board of Directors based on the above was 135,931 shares. After the share transfer, the company holds 1,924,367 own shares.

SUOMINEN CORPORATION
Board of Directors

For more information, please contact:
Tapio Engström, CFO of Suominen Corporation and Secretary to the Board of Directors, tel. +358 10 214 300

Suominen in brief

Suominen supplies its industrial and retail customers with nonwovens and flexible packaging for use in consumer products worldwide. Suominen is the global market leader in nonwovens for wipes. The company employs more than 1,000 people in Europe and in the United States. Suominen’s net sales in 2012 amounted to MEUR 410.4 and operating profit excluding non-recurring items was MEUR 12.9 (continuing operations). The Suominen share (SUY1V) is listed in NASDAQ OMX Helsinki Stock Exchange. Read more at www.suominen.fi.

Distribution:
NASDAQ OMX Helsinki Ltd.
Main media
www.suominen.fi