MAG Offers to Repurchase Warrants

MAG Offers to Repurchase Warrants

PR Newswire

STOCKHOLM, May 8, 2020

STOCKHOLM, May 8, 2020 /PRNewswire/ -- The Board of Directors of MAG Interactive has resolved to offer the holders of warrants of series 2017/2020:1 to repurchase their warrants. The offer only concerns the settlement of the warrants and does not entail any changes to the terms of the warrants or the program. The offer is made conditional upon that the warrant holders reinvest the consideration in shares in MAG Interactive through the exercise of the warrants held.

In June 2017, the Board of Directors resolved, with authorization from the General Meeting, to adopt a three-year warrant plan for employees in the company. In total, 324,871 warrants were issued which can be exercised to subscribe for new shares during the period April 1 - June 30, 2020. As of today, the number of outstanding warrants in the program amount to 293,062.  

The Board of Directors has resolved that the company shall make an offer to repurchase warrants of the series 2017/2020:1 at market terms (valued on the basis of Black and Scholes and adjusted with respect to the remaining time at the time of subscription). The offer of repurchase refers to the number of warrants that need to be repurchased in order for the consideration of the repurchases to cover the financing of the exercise of the remaining warrants.

The objective for making the offer is to facilitate for the warrant holders of series 2017/2020:1 to exercise their warrants without the requirement to finance the exercise of the warrants themselves.

The offer does not entail any additional tax costs nor transaction fees for the company and it does not entail a further administrative burden for the company. In addition, the repurchase of part of the warrants in series 2017/2020:1 decreases the warrants dilutive effect compared to if the warrants had been exercised. 

If all warrant holders of series 2017/2020:1 were to fully accept the offer, the consideration for the offer, based on the current share price of SEK 20,37, would amount to SEK 1.2 million.

For additional information, please contact:
Magnus Wiklander
CFO
+46-(0)70-511-51-99
magnus.wiklander@maginteractive.se

Tove Bengtsson
Marketing Communications Manager
+46-(0)72-220-73-22
tove.bengtsson@maginteractive.se

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/mag-interactive/r/mag-offers-to-repurchase-warrants,c3106829

Voltar noticias em Inglês