In accordance with the resolution by the Annual General Meeting 2017, Ericsson (NASDAQ:ERIC) expands its treasury stock in order to provide shares for the Long-Term Variable Compensation Program (LTV) 2017 for Ericsson's executive team. The Board of ...
In accordance with the resolution by the Annual General Meeting 2017, Ericsson (NASDAQ:ERIC) expands its treasury stock in order to provide shares for the Long-Term Variable Compensation Program (LTV) 2017 for Ericsson's executive team.
The Board of Directors of Ericsson has resolved, by virtue of an authorization given by the Annual General Meeting on March 29, 2017, to direct an acquisition offer to all holders of C shares to acquire these shares. The acquisition shall be made during the period May 14 - May 29, 2017 and payment for acquired shares shall be made in cash with SEK 5 per share.
The offer is part of the financing of Ericsson's Long-Term Variable Compensation Program 2017 and includes all 3,000,000 C shares which Ericsson has previously decided to issue to Investor AB for the program. Investor AB has informed Ericsson that it intends to accept the offer.
Once all 3,000,000 C shares have been acquired by Ericsson, the Board intends to convert them to B shares. After the conversion, the number of B shares in issue will amount to 3,072,395,752. Ericsson currently holds 58,097,522 shares as treasury stock.
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Ericsson is a world leader in communications technology and services with headquarters in Stockholm, Sweden. Our organization consists of more than 111,000 experts who provide customers in 180 countries with innovative solutions and services. Together we are building a more connected future where anyone and any industry is empowered to reach their full potential. Net sales in 2016 were SEK 222.6 billion (USD 24.5 billion). The Ericsson stock is listed on Nasdaq Stockholm and on NASDAQ in New York. Read more on www.ericsson.com.
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Source: Ericsson via Globenewswire
Source(s) : Ericsson
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