LASSILA & TIKANOJA PLC STOCK EXCHANGE RELEASE 16 NOVEMBER 2004
EFFECTS OF THE CAPITAL ARRANGEMENTS ON THE TERMS AND CONDITIONS OF STOCK OPTION PLAN 2002
The General Meeting of Lassila & Tikanoja plc approved on 15 November 2004 additional dividend, bonus issue and rights offering proposed by the Board of Directors.
Carrying out of these arrangements and safeguarding equal treatment of the holders of stock options and shareholders cause the following changes in the terms and conditions of the stock options issued in 2002:
1) The additional dividend will decrease the share subscription price fully by its per share amount.
2) The bonus issue will double the number of stock options and the number of shares that can be subscribed for pursuant to the stock options. The subscription ratio will remain unchanged, i.e. one share can be subscribed for pursuant to each stock option. The share subscription price will be divided by two due to the bonus issue.
3) The Board of Directors has decided to adjust the share subscription price taking into account the theoretical change in the Company’s share price on the ex rights day of 16 November 2004.
The stock options do not entitle to receive additional dividend or shares in bonus issue or to subscribe for shares in the rights offering.
The change in the number of stock options will be effective and new stock options will be registered on the book-entry accounts of the option holders as of 19 November 2004. Each stock option entitles to subscribe for one share in Lassila & Tikanoja plc. The change of the share subscription price will be effective as from 18 November 2004.
The arrangements will have the following effects on each of the option series:
|
Stock option series |
Number of unused stock options on 19 November 2004 |
Share subscription price as from 18 November 2004 |
Subscription period
|
|
2002A
|
118,440
|
7.86
|
2 May 2004 –
30 October 2005
|
|
2002B |
260,000 |
7.02 |
2 May 2005 –
30 October 2006 |
|
2002C |
280,000 |
11.46 |
2 May 2006 –
30 October 2007 |
The subscription period for the stock options 2002A issued under the stock option plan commenced on 2 May 2004 and the trading of the stock options on the main list of Helsinki Stock Exchange commenced on 3 May 2004.
The General Meeting of shareholders has also decided to amend the clause II,5 of the terms of the stock option plan to the effect that the shares subscribed for on the basis of the stock options will entitle their holder to dividends and other rights conferred by the shares after the increase of the share capital has been registered in the Trade Register. Otherwise the terms and conditions of the stock option plan will remain unchanged.
The Board of Directors of Lassila & Tikanoja plc will approve share subscriptions made pursuant to the stock options next time on 8 February 2005. Further details on the approval schedule will be published later.
Helsinki, 16 November 2004
LASSILA & TIKANOJA PLC
Board of Directors
For additional information please contact Sirkka Tuomola, Vice President and CFO, tel +358 10 636 2883.