VEON Announces The Issuance Of 92,459,532 Of Its Authorized Unissued Ordinary Shares To Fund Its Existing And Future Equity Incentive-Based Compensation Plans; Upon Completion, VEON Will Have 1,849,190,667 Issued And Outstanding Ordinary Shares
Portfolio Pulse from Benzinga Newsdesk
VEON Ltd. (NASDAQ:VEON) announced the issuance of 92,459,532 ordinary shares to fund its equity incentive-based compensation plans, resulting in a total of 1,849,190,667 issued and outstanding shares. This issuance, representing approximately 4.99% of VEON's authorized shares, aims to align the interests of senior managers and employees with shareholders, supporting long-term growth. The issuance will dilute existing shareholders' stakes, with VEON's largest shareholder, LetterOne, seeing its ownership decrease from 47.85% to 45.46%. Shares are issued at USD 0.001 each.
March 01, 2024 | 2:07 pm
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VEON Ltd. issues 92.46M shares for equity compensation, diluting existing shares and reducing LetterOne's ownership from 47.85% to 45.46%.
The issuance of new shares for equity compensation plans will dilute the value of existing shares, leading to a potential short-term negative impact on VEON's stock price. The reduction in the largest shareholder's stake highlights the significant dilution effect.
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