Ålandsbanken - Company Announcement

Bank of Åland Plc will continue with a share savings programme for its employees in 2016

Mariehamn, 2015-11-25 08:00 CET (GLOBE NEWSWIRE) -- 

Bank of Åland Plc
Stock exchange release
November 25, 2015, 9.00 a.m.

Bank of Åland Plc will continue with a share savings programme for its
employees in 2016 

The Board of Directors of the Bank of Åland (Ålandsbanken) has decided to
continue with a share savings programme for all permanent Group employees in
2016. About 69 per cent of employees are currently participating in the 2015
share savings programme. This programme enables employees to save a portion of
their monthly salary to invest in the Bank of Åland’s Series B shares.
Participation in the programme is voluntary. 

Employees can save a maximum of five per cent of their monthly salary in order
to subscribe for twice-yearly targeted issues of Series B shares. The savings
period for the new one-year programme will begin on January 1, 2016 and the
first share issue is planned in August-September 2016. Three years after each
respective share issue, the Bank of Åland will distribute one free matching
share for each share that has been acquired in the targeted share issues to
those who have participated in the share issues and who are still employed by
the Group and own the shares that were issued. Employees will be offered the
opportunity to subscribe for Series B shares at a price that is 10 per cent
below the average price during the calendar month before each respective share
issue. 

The savings amount in the 2015 share savings programme amounts to about EUR 0.9
million and is equivalent to about 60,000 Series B shares, based on the
subscription price of the first share issue in August 2015. The maximum number
of matching shares to be distributed is thus 60,000. The maximum total number
of shares that employees may receive as part of the 2015 share savings
programme is 120,000. Assuming the same participation and the same subscription
prices in the 2016 share savings programme as in the 2015 programme, a maximum
of 120,000 Series B shares would be issued as part of the 2016 programme. The
issuance of 120,000 Series B shares in the 2016 share savings programme will be
equivalent to an ownership stake of nearly 0.8 per cent and nearly 0.1 per cent
of voting power, based on the above-mentioned conditions. The maximum savings
amount in 2016 for all Group employees is about EUR 1.5 million, which is
equivalent to about 100,000 Series B shares based on the average price in
August 2015. 

For further information, please contact:

Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland Plc, tel +
358 (0)40 512 7505