ITAB - Subscription to the 2016/2020 ITAB Shop Concept Convertible completed

Subscription to the 2016/2020 ITAB Shop Concept Convertible completed

6/16/2016 10:19:39 AM

On 11 May 2016, the Annual General Meeting of ITAB Shop Concept AB (“ITAB”) decided to approve the Board’s proposal to issue a maximum of 1,950,000 convertibles with a maximum total nominal value of SEK 275,000,000 with a term from 1 July 2016 to 30 June 2020.

Permanent employees of ITAB or its subsidiaries were eligible to subscribe for the convertibles, subject to a waiver of the shareholders’ preferential rights. Permanent employees include persons who concluded a permanent employment contract by the end of the application period.

Subscription applications were made in the period from 26 May to and including 8 June 2016. The level of interest in the convertible programme was considerable – approximately 440 employees in 13 countries decided to participate, and the issue was oversubscribed by more than 50 percent. Employees of the ITAB Group have been allocated 1,950,000 convertibles at an issue price of SEK 86, representing a nominal value of SEK 167,700,000. The interest rate is STIBOR 3M plus 2.20 percent and interest is paid annually in arrears. All convertibles can be converted into Class B shares in ITAB in the period from 1 June 2020 to and including 12 June 2020. If all the convertibles are converted into shares, the dilution effect on the share capital will be approximately 1.9 percent, and on the voting rights approximately 0.6 percent, based on the current total number of shares.