Marimekko Corporation, Stock Exchange Release, 3 November 2021 at 7.45 a.m.
Transfer of own shares related to Marimekko’s long-term bonus system
The Board of Directors of Marimekko Corporation has decided to transfer free of charge a total of 6,640 Marimekko shares held by the company to the members of Marimekko Management Group in accordance with the terms of the long-term bonus system established in 2018.
The transfer of shares held by the company through a directed share issue without consideration is based on an authorization given by the Marimekko’s Annual General Meeting held on 14 April 2021. More details on the long-term bonus system targeted at the Management Group can be found e.g. in the note 4 of the Financial Statements 2020.
The shares are estimated to be transferred on 5 November 2021. Following the transfer, Marimekko will hold 13,360 of its own shares, corresponding to some 0.16 percent of the total number of the company shares. Marimekko shares held by the company carry no voting rights and no entitlement to dividends.
There is an especially weighty financial reason for the company, also considering the interests of all the company's shareholders, to deviate from the shareholders' pre-emptive subscription right in the directed share issue without consideration. The shares issued constitute share rewards within the long-term bonus system of the company's management intended to align the interests of the management with the interests of the shareholders and to encourage the management to work on a long-term basis with the aim to increase the shareholder value.
Board of Directors
Tel. +358 40 5846944
Nasdaq Helsinki Ltd
Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. Marimekko products are sold in about 40 countries. In 2020, brand sales of the products worldwide amounted to EUR 286 million and the company's net sales were EUR 124 million. Roughly 150 Marimekko stores serve customers around the globe. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 420 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com