Elektrobit Group Oyj - ELEKTROBIT'S BOARD OF DIRECTORS DECIDE ON EMPLOYEE OFFERING
November 04, 2002
ELEKTROBIT'S BOARD OF DIRECTORS DECIDE ON EMPLOYEE OFFERING
The Board of Directors of Elektrobit Group Plc. has on November 4, 2002 decided, based on the authorization granted by the Annual General Shareholder's Meeting held on April 12, 2002, that the share capital of the Company shall be increased as follows:
The share capital of the Company shall be increased by a minimum of EUR 0,02 and a maximum of EUR 80.000 by the issuing of a minimum of one (1) and a maximum of 4.000.000 new shares with an account equivalent value of EUR 0.02 each. The new shares shall be offered for subscription, with deviation from the pre-emptive subscription right of the shareholders, to the personnel of Elektrobit Group Plc and its subsidiaries as a part of the incentive scheme of the Elektrobit Group. New shares will be primarily allocated to such subscribers, who have not participated in any previous employee offerings or been within the scope of the Company's option programmes.
The subscription price for the new shares is EUR 0.25 per share. In the determination of the subscription price for the new shares the possibility of a 10 per cent discount to the average trading price of the Company's share during the calendar month preceding the Board's decision on the share offering set forth in Section 66 of the Finnish Income Tax Act has been observed. The Board of the Directors considers the subscription price to be justifiable taking into consideration the aim of the share offering as a part of the incentive scheme for the personnel of the Elektrobit Group. The subscription period begins on November 25, 2002 and expires on November 29, 2002.
The rights attached to the new shares correspond to the rights attached to the shares already issued. The new shares will entitle to full dividend possibly payable for the financial period that commenced on January 1, 2002. Other shareholder rights belong to the subscribers after the increase of share capital of the Company has been registered with the Finnish Trade Register. The new shares are subject to transfer restrictions in accordance of the terms and conditions of employee offering and they will be listed together with the shares already issued after such transfer restrictions have been expired.
The terms and conditions of the employee offering in more detail are attached to this Stock Exchange Release.
