Coop Pank AS Announces Share Capital Increase Driven by Options
Coop Pank AS Announces Share Capital Increase Enabled by Employee Options
The supervisory board of Coop Pank AS has decided to increase the share capital by 457,188.16 euros through the issuance of new ordinary shares. This strategic move was made to advance the realization of the employee option program approved earlier, reflecting the Bank's commitment to fostering employee engagement and participation in its growth.
Details on Share Capital Increase
This increase is pivotal as it affects the financial structure of the Bank. As part of this decision, the share capital will rise from 70,180,497.31 euros to 70,637,685.47 euros. The increase will involve issuing up to 670,900 new ordinary shares, each with a book value of 0.681455 euros. Upon completion, the total number of shares will be 103,657,207, empowering shareholders and enhancing the overall liquidity of the Bank's stock.
Participation of Employees
In a remarkable show of commitment, 70 current and former employees of Coop Pank have engaged in this share issuance, subscribing for a total of 670,900 shares worth around 841,979.50 euros. This demonstrates not only their belief in the company's future but also enhances their personal investment in its success. All option holders have filed subscription applications and completed the necessary payments in a timely manner.
Implications of the Share Issuance Decision
One of the significant decisions from the supervisory board stipulates that the pre-emptive rights to these new shares are allocated exclusively to the Bank's employees involved in the share option program. This strategic focus aligns with the Bank's policy of rewarding staff participation, effectively precluding existing shareholders from claiming these new shares.
Quote and Future Trading
The option holders can exercise their rights to subscribe for the new shares from 22 May to 29 May. The issue price has been set at 1.255 euros per share, indicating a considerable share premium that benefits the Bank directly for this capital increase. This careful structuring ensures that all monetary contributions for the new shares come through immediately, ensuring a stable capital base for ongoing operations.
New Shares and Dividend Rights
Following this share capitalization increase, the new shares will also entitle holders to dividends for the financial year commencing January 1, enhancing their appeal as a long-term investment. Furthermore, Coop Pank plans to apply for listing and trading on the Nasdaq Tallinn Stock Exchange. The anticipated first day of trading for these new shares will occur shortly after the registration of this capital increase.
About Coop Pank AS
Coop Pank stands as one of Estonia's prominent universal banks, currently serving around 214,400 customers engaged in daily banking activities. Its unique structure leverages synergies between retail trade and banking, which brings innovative and convenient banking solutions closer to its clients. The top shareholder, Coop Eesti, operates an extensive network of 320 retail stores, reinforcing its position within the community.
For further inquiries, please contact:
Katre Tatrik
Communications Manager
Tel: +372 5151 859
E-mail: katre.tatrik@cooppank.ee
Frequently Asked Questions
What is the purpose of the capital increase at Coop Pank AS?
The capital increase aims to facilitate the realization of the employee share option program, enhancing employee engagement and investment in the Bank's success.
How many shares are being issued through the capital increase?
Coop Pank AS plans to issue up to 670,900 new ordinary shares in connection with the capital increase.
Who has the right to subscribe for the new shares?
The subscription rights for the new shares are exclusively allocated to the Bank’s employees participating in the share option program.
What is the issue price per new share?
The issue price for the new shares has been set at 1.255 euros each, with a portion designated as a share premium.
When will the new shares be able to trade on the market?
The new shares are expected to be listed and begin trading on the Nasdaq Tallinn Stock Exchange shortly after the increase of share capital is registered.
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