Board authorisations

Authorisation to decide on the repurchase of the Company’s shares

The AGM held on 27 March 2019 authorised the Board of Directors to decide on the repurchase of a maximum of 16,000,000 of the Company’s own shares (approx. 9.8% of all shares of the Company) in one or several instalments. Own shares shall be repurchased with funds from the Company’s unrestricted shareholders’ equity, and the repurchases shall reduce funds available for distribution of profits.

The authorisation will be valid until 30 June 2020 and it terminated the corresponding authorisation granted by the AGM 2018.

The shares shall be repurchased to develop the Company’s capital structure, to carry out or finance potential corporate acquisitions or other business arrangements, to be used as a part of the Company’s incentive programme or to be otherwise conveyed further, retained as treasury shares, or cancelled.

Authorisation to issue shares, option rights and other special rights entitling to shares

The AGM held on 27 March 2019 authorised the Board of Directors to decide on issuance of new shares and the conveyance of the Company’s own shares held by the Company (treasury shares) and the issuance of option rights and other special rights entitling to shares as specified in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act. Option rights and other special rights entitling to shares as specified in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act may not be granted as part of the Company’s incentive programme.

The Board will be entitled to decide on the issuance of a maximum of 18,000,000 new shares as well as conveyance of a maximum of 5,000,000 treasury shares held by the Company in one or several instalments. The issuance of shares, the conveyance of treasury shares and the granting of option rights and other special rights entitling to shares may be done in deviation from the shareholders’ pre-emptive right (directed issue).

The authorisation will be valid until 30 June 2020 and it replaced the authorisation to decide on issuance of shares, option rights and other special rights entitling to shares which was granted to the Board of Directors by the Annual General Meeting on 12 April 2016.