Bittium Corporation’s Directed Share Issue without Consideration to Implement the Share-Based Incentive Scheme
Stock exchange release
Bittium Corporation's Directed Share Issue without Consideration to Implement the Share-Based Incentive Scheme
The Board of Directors of Bittium Corporation (the "Company") has decided today, on March 24, 2021, on a directed share issue without consideration for the payment of the share rewards based on the Company's share-based incentive scheme to the Company's management (the "Share Issue"). The share-based incentive scheme comprises three Performance Share Plans ("PSP"). The directed share issue without consideration decided today is about the first Performance Share Plan (PSP 2020-2022) of the share-based incentive scheme. The incentive scheme was initially established and communicated in March 2020.
In the Share Issue 9,098 new shares of the Company will be issued without consideration to the management entitled to share rewards according to the terms and conditions of the share-based incentive scheme. A total of nine persons of the Company's management group are in the target group of the payment. The shares to be issued in the Share Issue are to be registered in the Trade Register on approximately March 29, 2021 and admitted to trading on the Nasdaq Helsinki stock exchange on approximately March 30, 2021.
The decision of the directed Share Issue without consideration is based on the authorization granted to the Board of Directors by the Company's Annual General Meeting of Shareholders held on June 15, 2020.
The purpose of the Share Issue is to combine the goals and interests of shareholders and Company management to increase the long-term value of the Company and to commit the management to the Company and its strategic goals, promoting a long-term performance culture in the Company. There is thus an especially weighty financial reason for the Share Issue.
Oulu, Finland, March 24, 2021
The Board of Directors
Tel. +358 40 344 3507
Nasdaq Helsinki Oy
Bittium specializes in the development of reliable, secure communications and connectivity solutions leveraging its over 35-year legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and services, customized solutions based on its product platforms and R&D services. Complementing its communications and connectivity solutions, Bittium offers proven information security solutions for mobile devices and portable computers. Bittium also provides healthcare technology products and services for biosignal measuring in the areas of cardiology, neurology, rehabilitation, occupational health and sports medicine. Net sales in 2020 were EUR 78.4 million and operating profit was EUR 2.1 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com