Fingerprint Cards has followed through on a plan to cancel shares.
The company has announced that 10,424,000 Class B shares, which had been bought back after a 2016 AGM resolution, were canceled. Share capital was thus reduced by SEK 416,960, and was then increased by the same amount “through a bonus issue of SEK 416,960, where no new shares were issued,” according to a statement from the company.
FPC’s Board of Directors initially began planning to cancel outstanding shares last autumn, when it announced it would propose the idea at the 2017 annual general meeting. FPC also announced it would reverse a plan to increase board member compensation just ahead of the AGM, in light of the revelation that market challenges would likely prevent the company from meeting its initial revenue goals for the year.
FPC says the number of shares in the company now amounts to 6,000,000 Class A shares and 307,967,675 Class B shares. It says share capital sits at SEK 12,975,667.
June 1, 2017 – by Alex Perala