Shares and shareholders
1. Share capital and shares
The company’s paid-up share capital registered in the Trade Register stood at EUR 83,033,008 at the end of the financial year.
According to the Articles of Association, the minimum number of shares is 50,000,000 and the maximum is 1,000,000,000. At the end of the financial year, the number of Elisa Corporation shares was 167,335,073, all within one share series.
2. Authorisations of the Board of Directors
On 31 March 2016, the Annual General Meeting authorised the Board of Directors to decide on a new share issue, transfer of treasury shares owned by the company and/or granting of special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act subject to the following: The authorisation allows the Board of Directors to issue a maximum of 15,000,000 shares in one or several issues. The share issue and shares granted by virtue of special rights are included in the aforementioned maximum number. The maximum number is approximately 9 per cent of the entire stock. The share issue can be free or for consideration and can also be directed to the Company itself. The authorisation entitles the Board to make a directed issue. The authorisation may be used for making acquisitions or implementing other arrangements related to the Company’s business, to finance investments, to improve the Company’s financial structure, or for other purposes decided by the Board of Directors. The Board of Directors shall have the right to decide on all other matters related to the share issue. The authorisation shall be in force until 30 June 2018 and it annuls the authorisation given by the Annual General Meeting to the Board of Directors on 2 April 2014.
In addition, the Annual General Meeting authorised the Board of Directors to decide on the acquisition of treasury shares subject to the following: The Board of Directors may decide to acquire or pledge on non-restricted equity a maximum of 5,000,000 treasury shares. The acquisition may take place as one or several blocks of shares. The consideration payable for the shares shall not be more than the ultimate market price. In purchasing the Company’s own shares derivative, share lending and other contracts customary in the capital market may be concluded pursuant to law and the applicable legal provisions. The authorisation entitles the Board of Directors to pass a resolution to purchase the shares by making an exception to the purchase of shares relative to the current holdings of the shareholders. The treasury shares may be used for making acquisitions or implementing other arrangements related to the Company’s business, to finance investments, to improve the Company’s financial structure, to be used as part of the incentive compensation plan, or for the purpose of otherwise assigning or cancelling the shares. The Board of Directors shall have the right to decide on all other matters related to the purchase of the Company’s own shares. The authorisation is in force until 30 June 2017, and it annuls the authorisation given by the Annual General Meeting to the Board of Directors on 26 March 2015.
3. Treasury shares, share issues and cancellations
At the beginning of the financial period, Elisa held 7,851,006 treasury shares.
The Annual General Meeting held on 31 March 2016 authorised the Board of Directors to acquire and assign treasury shares. The authorisation applies to a maximum of 5,000,000 treasury shares. On the basis of the authorisation, Elisa has not acquired any treasury shares.
A total of 135,877 treasury shares were disposed of during the financial year.
At the end of the financial period, Elisa held 7,715,129 treasury shares.
The Elisa shares held by Elisa do not have any substantial impact on the distribution of holdings and votes in the Company. They represent 4.61 per cent of all shares and votes.
4. Management interests
The aggregate number of shares held by Elisa’s Board of Directors and the CEO on 31 December 2016 was 97,254 shares and votes, which represented 0.06 per cent of all shares and votes.
5. Share performance
The Elisa share closed at EUR 30,93 on 31 December 2016. The highest quotation of the year was EUR 35,80 and the lowest EUR 29,05. The average price was EUR 32,27.
At the end of the financial year, the market capitalisation of Elisa’s outstanding shares was EUR 5,175.7 million.
6. Quotation and trading
The Elisa share is quoted on the Main List of the Nasdaq Helsinki with the ticker ELISA. The aggregate volume of trading on the Nasdaq Helsinki between 1 January and 31 December 2016 was 105,662,729 shares for an aggregate price of EUR 3,409 million. The trading volume represented 63.1 per cent of the outstanding number of shares at the end of the financial year.