Modern Times Group MTG AB (publ.) (‘MTG’ or ‘the Group’), the international entertainment broadcasting group, today announced that it has issued and immediately repurchased 215,000 new Class C shares. The shares have been issued and repurchased in accordance with the terms of the performance-based incentive programme, which was approved by the MTG Annual General Meeting of shareholders on 17 May 2010.
Nordea Bank AB subscribed for the entire issue of new Class C shares at a subscription price of SEK 5.00 per share. The entire issue of Class C shares has then been repurchased by MTG for SEK 5.00 per share.
The shares were issued in order to enable the future delivery of Class B shares to senior executives participating in the Group’s incentive programme. The Class C shares will be converted into Class B shares prior to delivery to qualifying participants. Class C shareholders are not entitled to dividend payments.
MTG now holds a total of 1,065,000 Class C shares, having previously issued and repurchased 370,000 Class C shares in 2009 and 480,000 Class C shares in 2008 in accordance with the terms of the incentive programmes approved by the 2008 and 2009 MTG Annual General Meetings.
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