Seven executives of Thule Group including Magnus Welander and Stefan Jacobsson, who are respectively chief executive and chairman of the Swedish company, have exercised warrants issued since 2014, paying 84.90 Swedish kronor (€9.05-$9.88) per share. The transaction raises the total number of shares by 1,036,455 to 101,036,455, resulting in net proceeds of about 88 million SEK (€9.4m-$10.2m) for the company. Thule also repurchased 208,333 warrants from Frederic Clark, president of Thule Outdoor & Bags for the Americas, who did not exercise his warrants as an American citizen for regulatory reasons, and they have been cancelled. Following the transaction, the chairman and the senior management of the group jointly hold around 1.5 percent of the shares with combined value of about 157 million SEK (€16.7m-$18.3m).