Nokia announced that it has resolved to issue 4 014 000 new shares in a directed issuance without consideration to Nokia Corporation to be later used to fulfil the company's obligations primarily under the Employee Share Purchase Plan 2017. The new shares will be registered with the Finnish Trade Register as soon as practicable and the shares will carry the shareholder rights attached to them as of the registration date.
Additionally, the Board of Directors resolved on a directed issuance of a maximum number of 4 014 000 Nokia shares (NOKIA) held by the company, as a result of the above issuance of new shares, to employees participating in the Employee Share Purchase Plan 2017. The savings period of the plan ended on June 30, 2018. Under the terms and conditions of the plan, Nokia will offer one matching share for every two shares purchased under the plan which the participant still held on July 31, 2018.
The shares under the Employee Share Purchase Plan 2017 will be delivered to the employees on or around September 17, 2018. The shares are issued without consideration.
The Board of Directors approved the launch of the Employee Share Purchase Plan 2017 as part of the Nokia Equity Program announced on February 2, 2017 to encourage employee share ownership, commitment and engagement.
Both resolutions to issue shares are based on the authorization granted to the Board of Directors by the Annual General Meeting on May 30, 2018.
Source: Nokia Press Release