(Finance) – The floating Of Civitanavi Systemsa group listed on Euronext Milan and active in the field of inertial navigation and stabilization systems, is rose from 27.4% to 29.7% after the transfer of company shares to some of its employees following the exercise of a stock incentive plan implemented by the parent company Civitanavi Systems Ltd. The participation of the latter is dropped from 72.6% to 70.3%.
The plan originally envisaged the assignment of option rights for the subscription of Civitanavi Systems Ltd shares representing 5.4% of the capital, with the options becoming fully exercisable thanks to the listing of Civitanavi Systems. The plan was later changed so as to provide for the right to receive shares of the listed company in replacement of the shares of Civitanavi Systems Ltd.
The employee beneficiaries of the plan exercised their rights in full, obtaining an assignment of 1,290,000 shares for a total value of 4,450,500 euros, calculated on the closing market price at 31 January 2023 equal to 3.45 euro per share. The company acted as withholding agent and as a result of this substitution the total number of shares effectively transferred to employees was equal to 694,703 overall representing 2.26% of Civitanavi Systems.