Paolo Sarmientos has sold shares to Swedbank Robur Medica for tax reasons
Paolo Sarmientos, a member of Xbrane Biopharma AB’s (publ) ("Xbrane" or "the Company") management team, has today sold approximately 25 percent of his holdings in Xbrane, in order to finance the tax payment that arose as the result of the sale of his stake in Primm Pharma when it was sold to Xbrane in 2015. As payment for the earlier transaction, Sarmientos received shares and convertible notes in Xbrane. Today’s sale included a total of 98,980 shares, was completed at a price of SEK 30.20 per share.
- Paolo Sarmientos sells 98,980, shares corresponding to 25 percent of his holdings in Xbrane.
- The remaining holdings of 296,939 shares are already under lock-up.
- The buyer is Swedbank Robur Medica that is since earlier a shareholder in the Company.
- The sale was carried out at a price of SEK 30.20 per share, which corresponded to the last close at the time of the sale. The sale occurred at market price, without a discount.
Towards Vator Securities, the seller has earlier committed to lock-up restrictions of 75 percent of his holdings in the Company. The 25 percent of the shares that were not subject to lock-up restrictions make up this sale. The remainder of Paolo Sarmiento’s holdings are still subject to the previously agreed lock-up restrictions until May 25, 2020.
The main reason for the sale of Paolo Sarmientos’ shares is to pay the final tax that arose when he sold his stake in Primm Pharma to Xbrane in 2015 and received shares and convertibles in Xbrane. Paolo Sarmientos was previously the principal owner of Primm Pharma.