Svenska Handelsbanken AB (publ) subscribed for all 177,703 shares of Class X at a subscription price corresponding to the quota value of SEK 0.10 per share. All issued shares have subsequently been repurchased by Kinnevik for SEK 0.10 per share. The Board also resolved on the reclassification of all newly issued shares of Class X into 177,703 shares of Class B in accordance with Kinnevik's Articles of Association. As a result of the reclassification, Kinnevik will hold a total of 177,836 shares of Class B in treasury. The purpose of the new issue, repurchase and reclassification is that the shares, following a resolution by the 2023 Annual General Meeting, shall be transferred to the participants in Kinnevik's long-term incentive plan for 2020 as compensation for paid dividends and other value transfers since 202o, in accordance with Kinnevik's Articles of Association and the terms and conditions of the plan.
The Board further resolved, in accordance with Kinnevik's Articles of Association, to redeem all 297,258 outstanding incentive shares of Class G 2018 as the applicable performance condition has not been fulfilled during the period 1 April 2018 - 31 March 2023, as well as 750 incentive shares of Class C1 2020, 6,300 incentive shares of Class C2 2020, 10,800 incentive shares of Class D 2020, 12,000 incentive shares of Class C 2021, 12,000 incentive shares of Class D 2021, 53,470 incentive shares of Class C 2022 and 53,470 incentive shares of Class D 2022 held in treasury by the Company and by former participants in Kinnevik's long-term incentive plans for 2020-2022.
The redemption of all outstanding incentive shares of Class G 2018 entails that the dividend as compensation for paid dividends and other value transfers since 2018 proposed by the Board to the 2023 Annual General Meeting of SEK 212.4 per share of Class G 2018 will not be paid.