S&T AG: Comment on the sale of shares by the executive board

12.08.2020 | Austria

The members of the Executive Board of S&T AG, Dipl. Ing. Hannes Niederhauser, MMag. Richard Neuwirth, Dr. Peter Sturz and Michael Jeske, sold around 240,000 shares in S&T AG (ISIN: AT0000A0E9W5, WKN: A0X9EJ, stock exchange symbol: SANT) on 11 August 2020. The sale became necessary in order to finance the upcoming income tax due for the approximately 1,350,000 stock warrants recently received by the Executive Board. The stock warrants issued in August 2020 represent the long-term share-based remuneration of the Executive Board within the framework of Agenda 2023 and have a lock-up period of 36 months and an exercise hurdle of at least EUR 32.86.

Hannes Niederhauser, CEO: "The sale of shares in S&T AG by myself and other members of the Executive Board has nothing to do with the current or future development of the S&T Group, but serves to finance the income tax for the recently received warrants, which represent a pecuniary advantage from the employment contract, and which must be paid now. If we achieve our goals, I will participate in the success of S&T AG with the warrants, which also represent my remuneration for the next three years, four times more than with the shares sold today. We have made a very good start into the third quarter of 2020 and will definitely reach our target for 2020 of at least EUR 1,150 million revenue and EUR 115 million EBITDA. We also confirm our medium-term target for 2023 of EUR 2 billion in revenues and EUR 220 million in EBITDA.