KONE Corporation's Annual General Meeting held on February 25, 2020 authorized the Board of Directors to repurchase the company's own shares. The authorization will be valid until the conclusion of the following annual general meeting, however, at the latest until 30 June 2021.
The shares may be repurchased among others in order to develop the capital structure of the Company, finance or carry out possible acquisitions, implement the Company's share-based incentive plans, or to be transferred for other purposes or to be cancelled.
Altogether no more than 52,930,000 shares may be repurchased, of which no more than 7,620,000 may be class A shares and 45,310,000 class B shares, taking into consideration the provisions of the Companies Act regarding the maximum amount of own shares that the Company is allowed to possess. KONE Corporation currently has 11,003,768 class B shares in its possession.
The minimum and maximum consideration for the shares to be purchased is determined for both class A and class B shares on the basis of the trading price for class B shares determined on the Nasdaq Helsinki Ltd. on the time of purchase.