VEON announces the issuance of previously authorized shares representing approximately 4.99% of total share capital
01 März 2024 - 3:00PM
VEON announces the issuance of previously authorized shares
representing approximately 4.99% of total share capital
VEON announces the issuance of previously
authorized shares representing approximately 4.99% of total share
capital
Amsterdam, 1 March 2024 15:00 CET – VEON
Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital
operator that provides converged connectivity and online services,
today announces that its Board of Directors has approved the
issuance of 92,459,532 of its authorized but unissued ordinary
shares to fund its existing and future equity incentive-based
compensation plans. As a result of the issuance, VEON will have
1,849,190,667 issued and outstanding ordinary shares.
The issuance of the ordinary shares in accordance with bye-law
3.1 of the VEON bye-laws represents approximately 4.99% of VEON's
authorised ordinary shares. The shares are expected to be allocated
to the company's existing and future equity incentive-based
compensation plans, which are designed to align the interests of
VEON's senior managers and employees with those of its shareholders
and to support the company's long-term growth and performance. The
shares will be initially issued to VEON Holdings BV (and in
accordance with Bermuda law are considered fully issued and
outstanding shares). It is anticipated that the Company will then
subsequently allocate these shares to satisfy awards under the
company's existing and future equity incentive-based compensation
plans as and when needed. As a result, the initial share issuance
will have an immediate dilutive impact on existing shareholders.
For illustrative purposes, a shareholder holding 1% of VEON’s
shares as at 29 February 2024, holds 0.95% of our shares on a
diluted basis following the issue of the new shares today. VEON’s
largest shareholder, L1T VIP Holdings S.à r.l. (“LetterOne”),
LetterOne is the direct beneficial owner of 840,625,001 common
shares.1 Prior to this issuance LetterOne’s shares represented
47.85% of VEON’s issued and outstanding shares. Following today’s
issuance, LetterOne’s holdings represent 45.46% of VEON’s issued
and outstanding shares.
The ordinary shares will be issued at a price of USD 0.001 per
share, which is equal to the nominal value of VEON's ordinary
shares.
Kaan Terzioglu, VEON's CEO, commented: "We are pleased to
announce the issuance of shares to fund our equity incentive-based
compensation plans, which reflect our commitment to creating value
for our shareholders and rewarding our talented and dedicated team.
We believe that these plans will enhance our ability to attract,
retain and motivate our leaders and key contributors, who are
driving our transformation into a digital operator and delivering
on our vision of empowering customer ambitions.”
About VEON
VEON is a digital operator that provides
converged connectivity and digital services to nearly 160 million
customers. Operating across six countries that are home to
more than 7% of the world’s population, VEON is transforming lives
through technology-driven services that empower individuals and
drive economic growth. Headquartered in Amsterdam, VEON is
listed on NASDAQ and Euronext. For more information
visit: https://www.veon.com.
Important Notice
Elements of this press release contain or may contain “inside
information” as defined under the Market Abuse Regulation (EU) No.
596/2014.
This release does not contain or constitute an offer or sale or
the solicitation of an offer to purchase securities in the United
States. The securities referred to herein have not been and will
not be registered under the United States Securities Act of 1933
(the "Securities Act"), and may not be offered or sold in the
United States absent registration under the Securities Act or an
available exemption from, or transaction not subject to, the
registration requirements of the Securities Act.
Disclaimer
This release contains “forward-looking statements,” as the
phrase is defined in Section 27A of the U.S. Securities Act of
1933, as amended, and Section 21E of the U.S. Securities Exchange
Act of 1934, as amended. Forward-looking statements are not
historical facts, and include statements relating to, among other
things, VEON’s governance, strategy and investment plans.
Forward-looking statements are inherently subject to risks and
uncertainties, many of which VEON cannot predict with accuracy and
some of which VEON might not even anticipate. The forward-looking
statements contained in this release speak only as of the date of
this release. VEON does not undertake to publicly update, except as
required by U.S. federal securities laws, any forward-looking
statement to reflect events or circumstances after such dates or to
reflect the occurrence of unanticipated events. Furthermore,
elements of this press release contain or may contain, “inside
information” as defined under the Market Abuse Regulation (EU) No.
596/2014.
Contact Information:
VEON Hande Asik Group Director of Communication
pr@veon.com
1 Based on the shareholdings reported on Schedule 13D, Amendment
No. 20, filed on September 13, 2019, by L1T VIP Holdings S.à r.l.
(“LetterOne”), LetterOne Core Investments S.à r.l. and LetterOne
Investment Holdings S.A., with the SEC.
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