Increase of the share capital in connection with the option

Increase of the share capital in connection with the option

News Highlights

 

The supervisory board of Coop Pank AS (hereinafter the Bank) decided on 12 May 2021 to increase the share capital of the Bank by 368 196,74 euros by way of issuing new ordinary shares.

The decision to increase the share capital was adopted to enable the realisation of the options issued within the option programme that was approved with the resolution of the general meeting of the Bank on 11 December 2017, on the conditions indicated in the referred decision. The share capital shall be increased in accordance with clause 3.3.5 of the Bank’s articles of association.

The management board of the Bank shall determine the exact number of shares to be issued and the final scope of the increase of the share capital after the results of subscription for shares by the option holders are clear.

Decisions of the supervisory board:

  1. To increase the Bank’s share capital by 368 196,74 euros, as a result of which the Bank’s share capital will increase from 61 756 051,44 euros to 62 124 248,18 euros.
  2. The share capital will be increased by way of issuing new shares (ISIN: EE3100007857) During the increase of the share capital to issue up to 540 310 new ordinary shares of the Bank, with a book value of 0,6814546 euros per share. After the increase of the share capital, the Bank has a total of 91 164 176 shares without nominal value. The increase of the Bank’s share capital will not create any exceptions or special rights in connection with the Bank’s ordinary shares. 
  3. According to the resolution adopted under item 5 of the agenda of the general meeting of shareholders of the Bank on 28 May 2020, the pre-emptive right to subscribe for the new shares belongs to the Bank’s employees, to whom the share option programme, approved with the resolution of the Bank’s general meeting of 11 December 2017, extends and with whom the Bank has concluded the respective option contracts (the option holders). According to the resolution of the Bank’s general meeting of 28 May 2020, the pre-emptive right of the existing shareholders to subscribe for the new shares which are issued to the option holders pursuant to clause 3.3.5 of the articles of association for the realisation of the Bank’s share option programme, is precluded.
  4. The term for exercising the pre-emptive right and the time period of subscribing for the new shares is from 13 May to 17 May 2021.
  5. The issue price is 0,7660 euros per share, of which 0,6814546 euros is the book value of a share and 0,0845454 euros is the share premium.
  6. The increase of share capital and payment for the new shares shall be fully carried out by monetary contributions.
  7. To grant the to the Bank’s management board a right to cancel the new shares which have not been subscribed for during the subscription period (and increase of share capital within the respective extent that the shares were not subscribed for) or extend the subscription period. The management board may exercise the aforementioned rights within 15 days after the end of the subscription period (or upon expiry of such additional term upon extending the subscription period). Should the Bank’s management board cancel the unsubscribed shares within 15 days as of the end of the subscription period, the subscription shall be deemed valid and successful and the increase of share capital within the extent subscribed for by the option holders shall be registered in the Estonian Register of Securities and in the commercial register pursuant to as stipulated in the resolution of the Bank’s management board. 
  8. The new shares to be issued during the increase of share capital shall grant the right to dividend for the financial year started on 1 January 2021.
  9. The Bank’s management board to organise the listing of the new shares on the Main List of the Nasdaq Tallinn Stock Exchange.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 95 800 clients who use everyday banking services. Coop Pank uses the synergy created between retail trade and banking and brings everyday banking solutions closer to people. The majority shareholder of the Bank is a domestic retail chain Coop Eesti, the sales network of which comprises 330 stores.

Additional information:Katre TatrikCommunications SpecialistTel: +372 5151 859E-mail: katre.tatrik@cooppank.ee

  • Check the latest Business news updates and information updates.
  • Please share this news Increase of the share capital in connection with the option with your friends and family to support us your one share helps us a lot.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Secretary of State warns of misleading business direct mail

Rishi Sunak rejects company calls for license extension | UK Employment Leave Scheme

“Nightclubs and live music venues, many restaurants and bars, the events, arts and wedding industries are still seriously affected by restrictions but they ...
Microsoft has protested Apple’s gag order

Microsoft has protested Apple’s gag order

We learned last week that the Department of Justice served a subpoena on Apple, requiring it to hand over data on both journalists and members of the House ...
2021 Disney Plus Xbox Free Trial: Disney+ Xbox Game Pass: How to Get It

2021 Disney Plus Xbox Free Trial: Disney+ Xbox Game Pass: How to Get It

In June 2021, Microsoft announced a collaboration with Disney Plus that makes all Xbox Game Pass Ultimate subscribers eligible for a free Disney Plus trial ...
Aventus Health Develops SARS-CoV-2 Variant Test

Aventus Health Develops SARS-CoV-2 Variant Test

ABOUT AVENTUS HEALTH Aventus Health is a comprehensive healthcare leader that is transforming the industry by making personalized and precision medicine ...
The Crypto Daily - Movers and Shakers - April 2, 2021

Britain urges EU to “streamline” negotiations on financial services

The forum will not decide on financial market access, but it is viewed as critical for rebuilding relations after a tense Brexit divorce. The European ...
The Reality Winner has been released from prison

The Reality Winner has been released from prison

Some very exciting news for #RealityWinner and her family!! pic.twitter.com/yjZf7xiitk — Alison Grinter Allen (@alisongrinter) June 14, 2021 “I am thrilled ...
Castlevania Requiem Pack Gets A Physical Release On PS4 In A Limited Run

Castlevania Requiem Pack Gets A Physical Release On PS4 In A Limited Run

But wait, there’s more. Retro gamers, now is your time to shine. Limited Run Games is also doing a physical retro rerelease for the Turbo Duo. Castlevania ...
KT and NeuroSigma Announce Strategic Digital Health Partnership

KT and NeuroSigma Announce Strategic Digital Health Partnership

About KTKT Corporation (KRX: 030200;NYSE: KT), Korea’s largest telecommunications service provider, reestablished in 1981 under the Telecommunications Business ...
E3 2021: Forza Horizon 5 – bigger and better?

E3 2021: Forza Horizon 5 – bigger and better?

image copyrightMICROSOFT From the rolling hills and thatched roofs of the Cotswolds to the searing heat of Mexico. By Steffan PowellNewsbeat gaming ...
Public Health Reports 13 New Kern Cases COVID-19

Public Health Reports 13 New Kern Cases COVID-19

Source Residents can contact KCPH’s Call Center at 661-321-3000 from 8 a.m. to 5 p.m. Monday through Friday for questions about COVID-19. There have been ...
Show next
Compsmag - Latest News from tech, business and health
Logo