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Xer Tech Holding AB (publ): Members of Xer Tech Holding's management and Board to acquire shares from Rex at a premium
Xer Tech Holding AB (publ) ("Xer Tech Holding" or the "Company") announces that Erik Herlyn, Waldemar Schäfer and Jörgen Svanström, all members of the Company's senior management, together with newly appointed Board member Håkan Behmer, have agreed to acquire a total of 390,622 shares in Xer Tech Holding from the Company's principal shareholder, Rex Technology Investments Pte. Ltd. ("Rex").
The shares will be acquired at a price of SEK 2.65 per share, corresponding to a premium of 13 per cent compared with the closing price on Spotlight Stock Market on September 14.
The transactions are intended to increase the participating individuals' long-term financial commitment to Xer Tech Holding and further align the interests of the Company's management and Board of Directors with those of its shareholders.
"Management and Board members investing at a premium, on the same lock-up terms as Rex, is a clear way to show that they believe in Xer Tech Holding for the long term. The transactions also give Xer Tech Holding greater flexibility going forward," says John D'Abo, Chairman of the Board of Xer Tech Holding.
In connection with the transactions, Erik Herlyn, Waldemar Schäfer, Jörgen Svanström and Håkan Behmer will assume Rex's existing lock-up undertakings in respect of the acquired shares. The shares will therefore remain subject to the applicable lock-up restrictions on the same terms and for the same remaining period as applied to Rex immediately prior to the transactions.
Prior to the transactions, Rex holds shares corresponding to 50.42 per cent of the shares and votes in Xer Tech Holding. Following the sale of 390,622 shares, Rex will hold 29,154,832 shares, corresponding to 49.76 per cent of the shares and votes. Rex's holding will thereby fall below the 50 per cent threshold for major shareholding notifications.
The transactions do not result in the issuance of any new shares and therefore have no dilutive effect on the Company's existing shareholders.