Cimco Marine AB (publ) (the “Company”) today announces the outcome of subscription and allotment in the incentive program resolved by the annual general meeting on 14 May 2019. The program involves the issue and transfer of up to 10 million share warrants of series 2019:2 to employees and consultants in the Company. Each share warrant entitles to subscription of one new share in the Company at a subscription price of 4 SEK during the period 1–31 December 2022.
All share warrants have been subscribed by the Company and in a first stage, 5 million share warrants have been offered to certain senior managers in the Company at market value, calculated by use of the Black & Scholes valuation model. All offered share warrants have been purchased by the senior managers.
“I am very pleased that the management team shares my strong confidence in Cimco’s potential. Internally, we will be working hard to meet our immediate targets and long term goals,” says Myron Mahendra, CEO.
The Company intends to offer the remaining 5 million share warrants to employees and consultants before the end of 2019.
For further details about the share warrants, please refer to the press release on 14 May 2019.
At OXE Marine we are driven by the ambition to transform the outboard motor; impacting the journey towards a more sustainable and ecologically positive marine environment. We are passionate, knowledgeable, and reliable. Passionate to commit to innovation and excellence, knowledgeable to recruit and retain high-quality personnel, and reliable to commit to supplying safe, durable, and reliable products and services and to openness and fairness with all our stakeholders. OXE Marine believes in a strong collaborative approach between our teams and partners while being daring and persistent in our passion for excellence. OXE Marine was founded in 2012, and is the company behind a patented outboard transmission, enabling the use of high torque diesel engines on outboard systems and in sterndrive solutions.