Marimekko - Other information disclosed according to the rules of the Exchange
MARIMEKKO CARRIED OUT A SHARE ISSUE DIRECTED TO PERSONNEL – A LARGE PROPORTION OF EMPLOYEES ARE SHAREHOLDERS IN THE COMPANY
Marimekko Corporation, Stock Exchange Release, 1 April 2019 at 9.00 a.m.
MARIMEKKO CARRIED OUT A SHARE ISSUE DIRECTED TO PERSONNEL – A LARGE PROPORTION OF EMPLOYEES ARE SHAREHOLDERS IN THE COMPANY
The Board of Directors of Marimekko Corporation decided on 31 October 2018 and 26 February 2019 on a share issue directed to the company’s personnel and freelance designers in Finland. In the share issue, a maximum total of 150,000 new shares in the company were offered for subscription. The subscription price was EUR 11.45 per share for the first fifty shares (50% discount from the average share price in January) and EUR 20.60 per share for the shares subscribed for after the first fifty shares (10% discount from the average share price in January). The share subscription period ended on 22 March 2019. The Board of Directors has decided on the approval of the share subscriptions.
The Board of Directors approved a total of 40,224 subscriptions for new shares. The total subscription price of the new shares is EUR 725,988. All approved subscriptions have been paid according to the terms and conditions of the share issue.
The shares subscribed for in the share issue represent 0.50 percent of the company’s existing shares and the voting rights carried by the existing shares before the share issue. Half of those entitled to subscribe took part in the share issue. Subscriptions were made by a total of 229 company employees and freelance designers out of 472 who were entitled.
“I am delighted that a large proportion of our employees hold shares in the company and thus take part in building Marimekko’s future also in the role of shareholders. Our main objective for the strategy period extending to 2022 is to appeal to a wider clientele and thereby enhance growth and profitability. We are just starting out on our strategy period. I think this was a natural time for the personnel share issue as employees are a key asset in building our success. The previous time we arranged a personnel share issue with favourable terms was in 2012. We now wanted to offer our personnel a similar opportunity to increase their holdings or to become new owners of Marimekko,” says Tiina Alahuhta-Kasko, President and CEO.
It is estimated that the shares subscribed for in the share issue will be entered into the Trade Register and an application will be made for the shares to be admitted to public trading in week 15. After the Trade Register entry of the new shares, the number of shares in the company will increase by 40,224 shares to 8,129,834 shares. The total subscription price of EUR 725,988 will be recorded in the company’s reserve for invested non-restricted equity.
Further information:
Tiina Alahuhta-Kasko, President and CEO, tel. +358 9 758 71
MARIMEKKO CORPORATION
Corporate Communications
Piia Kumpulainen
Tel. +358 9 758 7293
piia.kumpulainen@marimekko.com
DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media
Marimekko is a Finnish lifestyle design company renowned for its original prints and colours. 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 2018, brand sales of the products worldwide amounted to EUR 248 million and the company's net sales were EUR 112 million. Roughly 150 Marimekko stores serve customers around the globe. The key markets are Northern Europe, North America and the Asia-Pacific region. The Group employs about 450 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com