Musti Group starts repurchasing own shares for its long-term incentive plans
Musti Group plc Stock Exchange Release 26 November 2020 at 9.15 a.m.
Musti Group starts repurchasing own shares for its long-term incentive plans
The Board of Directors of Musti Group has decided to start repurchasing the company’s own shares on the basis of the authorization given by the Annual General Meeting on 23 January 2020. The shares shall be repurchased to be used as a part of the company’s long-term incentive plans. The company will acquire at least 180,000 shares corresponding to 0.5% of the total number of shares. The maximum number of shares to be purchased is 350,000. The shares shall be acquired in public trading on Nasdaq Helsinki Ltd. at the market price prevailing at the time of purchase during Musti Group’s financial year 2021. The share repurchase shall start immediately, and end by 30 September 2021, at the latest.
The AGM held on 23 January 2020 authorized the Board of Directors to decide on the repurchase a maximum of 1,500,000 of the company’s own shares (approx. 4.5 % of all shares of the company). Own shares shall be repurchased with funds from the company’s unrestricted equity. Musti Group’s AGM for 2021 will be held on 21 January 2021 and the repurchase of the shares after that date is subject to a new authorization received from the AGM to the Board of Directors.
In May 2020, Musti Group plc’s Board decided on two new share-based long-term incentive plans for the management team and key employees. The new share-based compensation schemes were communicated in a stock exchange release on 7 May 2020.
The performance share plan consists of three performance periods of three years each 2020-2022, 2021-2023 and 2022-2024. The Board of Directors will decide separately for each performance period the plan participants, performance criteria, and the related targets, as well as the minimum, target, and maximum reward potentially payable based on target attainment. The maximum number of shares to be paid based on the first performance period is approximately 250,000 Musti Group plc’s shares and the potential rewards from the first performance period will be paid out during the autumn of 2022.
The total number of shares in Musti Group plc is 33,535,453. At the moment, the company does not own any own shares.
Additional information:
Robert Berglund
CFO, Musti Group
tel. +358 50 534 8657
Distribution:
Nasdaq Helsinki
Main media
www.mustigroup.com
Musti Group in brief
Musti makes the life of pets and their owners easier, safer and more fun. We are the leading Nordic pet care company and we operate an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden and Norway. We offer a wide, curated assortment of pet products. We also provide pet care services such as grooming, training and veterinary services in selected locations.
Musti Group’s net sales were EUR 284 million in the financial year 2020. At the end of the financial year 2020, the company had 1,162 employees, over one million loyal customers and 293 stores.
