As of July 20, 2010, Elcoteq SE has one series of shares, the series A shares. The series A shares (ticker symbol ELQAV) are quoted on the Nasdaq OMX Helsinki Exchange and are included in the book-entry system maintained by Euroclear Finland ltd. Each series A share carry one vote at general shareholders’ meetings.
Elcoteq’s share capital consists of altogether 32,939,185 shares. The par value of each series A share is 0.40 euros. The company’s registered share capital on July 20, 2010, totaled to 13,175,674 euros. In July 2010, Elcoteq SE held 12,625 of its own series A shares.
In November 2009, the company issued 336,266 new A shares to its key employees according to its 2007 share Subscription Plan.
The Harmonization of Share Series
Prior to the conversion of the share series in July 2010, Elcoteq had two series of shares, series A and series K founders’ shares. All the series K founders’ shares (altogether 105,770,000 shares) were held by Mr. Antti Piippo, Mr. Henry Sjöman and Mr. Jorma Vanhanen, who were the sole owners of the company before its initial public offering and whose holdings of the series K founders’ shares had not changed since.
Elcoteq’s articles of association stipulated that the number of series K founders’ shares could not be increased. Elcoteq´s articles of association also stipulated, that the three founder shareholders of the company had a right to convert their series K founders´ shares to series A shares and in March 2010, the three founder share holders informed to Board of Directors that they will exercise their right to do so in full. In July 2010, all of the 105,770,000 existing K founders´ shares were converted with the ratio of ten series K founders´ shares to one series A share, i.e. the total number of series A shares grew by 10,577,000 from 22,362,185 to 32,939,185.