The number of shares and votes in the Thule Group has increased by 1,135,696 to 103,208,606 as of March 29, 2018, following the exercise of warrants by nine individuals including the company's chief executive, Magnus Welander, and its chairman, Stefan Jacobsson. Together, Welander and Jacobsson have come to own about 1.5 percent of Thule's shares, representing a market value of around 270 million Swedish kronor (€26.3m-$32.4m). All the newly subscribed shares have been sold at a price of SEK 121.10 per share, well below yesterday's opening stock market price of SEK 179.00, resulting in net proceeds of SEK 127.5 million (€12.4m-$15.3m) for the group. In connection with the transaction, Thule repurchased 208,333 warrants exercised by two American individuals at their market value of SEK 11.9 million (€1.2m-$1.4m), but cancelled them afterwards.