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
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