Citycon Oyj has decided to repurchase its own shares and to issue shares for the implementation of share-based incentive programmes

21 Mar 2023 15:40 CET

CITYCON OYJ   Stock Exchange Release    21 March 2023 at 16:40 hrs

Based on the decision of the Board of Directors of Citycon Oyj ("Citycon" or the
"Company") on 21 March 2023, Citycon will repurchase and convey its own shares,
based on the authorisation granted by the Annual General Meeting held on 21
March 2023, in several separate transactions, in accordance with the Company's
share-based incentive programmes, however a maximum number of 316,429 of its own
shares in the aggregate, to implement payments of rewards earned under the
Company's share-based incentive programmes. The share repurchases and conveyance
of shares shall start on 22 March 2023 at the earliest and end by the earlier of
the following: (i) the closure of the Annual General Meeting 2024 of Citycon or
(ii) 30 June 2024, at the latest. This maximum number of shares corresponds to
approximately 0.19 per cent of all the shares of the Company as at the date of
this release and to a value of approximately EUR 2.0 million based on the
closing share price of the last trading day preceding the date hereof.
The repurchased shares will be conveyed in several instalments to participants
in the Company's Restricted Share Plan 2020-2022, Performance Share Plan
2020-2022, CFO Restricted Share Plan 2021-2024, CEO Restricted Share Plan
2021-2025, Matching Share Plan 2022-2024, Restricted Share Plan 2023-2025 and
Performance Share Plan 2023-2025 in accordance with the terms and conditions of
the said plans. The shares will be conveyed through a directed share issue
without consideration to the participants who are entitled to reward under the
plans.
The shares are repurchased and issued to execute the Company's share-based
incentive programmes. There are thus weighty financial reasons for the
repurchase and share issue. The shares payable as rewards for each performance
period under share-based incentive plans will be repurchased during certain
defined periods after the end of each vesting period as applicable or after the
confirmation by the Board of Directors on the reward from each performance
period as applicable and conveyed to the participants in the plan on certain
defined time after the end of each such repurchase period.
The shares will be repurchased otherwise than in proportion to shareholders'
current holdings through public trading from Nasdaq Helsinki Ltd using the
Company's unrestricted equity at a price formed for the shares in public trading
organised by Nasdaq Helsinki Ltd on the date of repurchase of the shares. The
share trades shall be settled and the consideration paid for the repurchased
shares shall be paid in accordance with the standard settlement timetable set
forth in the trading rules of Nasdaq Helsinki Ltd.
The shares to be conveyed in the share issue will entitle their holders to
dividend and other shareholder rights when they have been registered in the book
-entry accounts of the recipients.
Further details concerning the Company's share-based incentive programmes are
available in the Company's remuneration reports and stock exchange releases and
on the Company's website.
Citycon does not hold any of its own shares as at the date of this release. The
share issue does not change the share capital of the Company.
CITYCON OYJ
For further information, please contact:
Sakari Järvelä
Vice President, Corporate Finance and Investor Relations
Tel. +358 50 387 8180
sakari.jarvela@citycon.com
Citycon is a leading owner, manager and developer of mixed-use real estate
featuring modern, necessity-based retail with residential, office and municipal
service spaces that enhance the communities in which they operate. Citycon is
committed to sustainable property management in the Nordic region with assets
that total approximately EUR 4.3 billion. Our centres are located in urban hubs
in the heart of vibrant communities with direct connections to public transport
and anchored by grocery, healthcare and other services that cater to the
everyday needs of customers.
Citycon has investment-grade credit ratings from Moody's (Baa3) and Standard &
Poor's (BBB-). Citycon's shares are listed on Nasdaq Helsinki Ltd.
www.citycon.com

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