Elektrobit Group Oyj - Approval of Subscribtions in the Employee Offering of Elektrobit Group
December 03, 2002
Approval of Subscribtions in the Employee Offering of Elektrobit Group
The subscription period in the employee offering of Elektrobit Group Plc. expired on November 29, 2002. The Company's Board of Directors decided on the employee offering on the basis of the authorization granted by the Annual General Meeting of the Shareholders on April 12, 2002. All the shares offered in the employee offering have been subscribed for in accordance with the terms and conditions of subscription and the Board of Directors of Elektrobit Group Plc. has decided on the approval of the subscriptions.
The amount of subscriptions made exceeded approximately 2.5 times the offered amount of shares. Due to oversubscription situation the Board of Directors decided to cut the subscriptions. Either full or cut subscription was confirmed to every subscriber in order to assure as large-scale motivation as possible. In accordance with the terms and conditions of subscription those subscribers who have not participated in any previous employee offerings or been within the scope of the Company's option programmes, were prioritised in a way that their subscriptions were cut proportionally less compared to other subscribers and subscriptions under 100.000 shares were not cut at all.
The new shares shall be paid by December 13, 2002 at the latest. Due to employee offering the Company's share capital shall be increased by EUR 80.000 by the issuing 4.000.000 new shares with an account equivalent value of EUR 0.02 each.
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 1 January 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 increase of the share capital amounting to EUR 80,000 shall registered with the Trade Register approximately on December 18, 2002.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.
In Oulunsalo, December 3, 2002
Elektrobit Group Plc.
Board of Directors
