Nokia announced today that it has adjusted the conversion price of its EUR 750 million convertible bonds (the "Bonds") from the previous conversion price of EUR 2.44 per share to EUR 2.39 per share due to the distribution of the dividend decided by the Nokia Annual General Meeting on May 5, 2015 (the "AGM").
The AGM decided on the distribution of a dividend of EUR 0.14 per share. The terms and conditions of the Bonds provide for adjustments of the conversion price for the distribution of dividend.
Due to the adjustment of the conversion price, the maximum number of shares that the Bonds can be converted to is increased by 6 428 767 shares. Consequently, the Board of Directors decided, on the basis of the authorization granted by the AGM and in deviation from the pre-emptive subscription right of the company's shareholders, to issue 6 428 767 new shares upon the conversion of the Bonds into Nokia shares.
Based on the adjusted conversion price of EUR 2.39 per share, the maximum number of new shares which may be issued by Nokia upon the conversion of the Bonds is 313 723 849, representing approximately 8.7% of Nokia's currently issued shares (excluding the shares owned by Nokia and its subsidiary companies).
Last updated: Apr 7, 2020 at 12:09 pm CDT