Transactions related to persons closely associated with ELMO Rent AS management obligations
Considering the imminent closure of the ongoing international investor-focused teledriving technology investment round by the subsidiary Elmo Remote OÜ, ELMO Rent AS CEO and majority shareholder Enn Laansoo, Jr.'s company JR Development OÜ has completed the purchase of 99,448 ELMO Rent AS shares. As a result of the transaction, Enn Laansoo, Jr.'s direct stake is 1,018,373 shares, representing 41.4% of the company's ownership.
In addition, ELMO Rent AS's largest shareholders – CEO and board member Enn Laansoo, Jr., and board member and CTO Priit Haljak – have decided to allocate up to 10% (up to 179,000 shares) of shares owned by affiliated companies until the closure of the investment round to be used for refinancing loans due for repayment and granting salary supplements in the form of shares to employees. In the course of these transactions (loan refinancing and employee salary supplements), the largest shareholders exchange their shares for ELMO Rent AS's claims. The acquired claims are planned to be redeemed after the closure of the investment round, which requires either payment of the claims by the issuer or, in the extent of the claims, repurchase of shares from the stock exchange and transfer.
Both shareholders are confident that, compared to issuing new shares, the transactions do not dilute the remaining shareholders' shareholding and value. Instead, it enlivens stock trading, and the issuer reduces its due obligations.
The emitent informs that it plans in the next shareholders meeting to request to decide on the repurchase program of its own shares, aiming to create value for shareholders by taking advantage of attractive market conditions, repurchasing its shares, and subsequently using them for an employee stock option program, redeeming claims, reducing share capital, or other purposes.
Additional Information:
Enn Laansoo, Jr.
Management Board Member, CEO
enn@elmorent.ee
|