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2014-01-10 13:40:23 CET 2014-01-10 13:41:24 CET REGULATED INFORMATION Honkarakenne Oyj - Company AnnouncementBOARD OF DIRECTORS OF HONKARAKENNE OYJ DECIDES ON SHARE-BASED COMMITMENT SCHEME DIRECTED AT ALL EMPLOYEESHONKARAKENNE OYJ, Stock Exchange Release 10 January 2014 at 2:40 p.m. BOARD OF DIRECTORS OF HONKARAKENNE OYJ DECIDES ON SHARE-BASED COMMITMENT SCHEME DIRECTED AT ALL EMPLOYEES On the basis of the authorisation to issue shares granted to the Board of Directors at the Annual General Meeting of 5 April 2013, the Board has decided to arrange a directed issue, according to which Honkarakenne employees based in Finland will be offered the opportunity to subscribe for a total of 150,000 new Honkarakenne Series B shares. The purpose of this arrangement is to incentivise employees to buy and own shares in the company, based on which the Board regards the directed issue to employees as being in the interests of the company and takes the view that there is a weighty financial reason for the accompanying derogation from the shareholders' pre-emptive subscription rights. Two share subscription prices will be applied, so that the subscription price of each new B share per subscriber among the first two hundred share subscriptions is the fair value of the share less fifty percent. After the first two hundred shares, the subscription price of shares will be their fair value less ten percent. The share's fair value has been set as the trade volume weighted average quotation of Honkarakenne's B share on the NASDAQ OMX Helsinki Ltd. during 7 December 2013 - 7 January 2014. For the first two hundred shares, the subscription price is therefore 1.35 euros per share and, correspondingly, for the remaining shares 2.43 euros per share. The share subscription period for the share issue directed at employees will begin at 9.00 am on 3 February 2014 and end at 6.00 pm on 17 February 2014, and payment for shares subscriptions is due by the final day of the subscription period. The minimum subscription under the scheme is for a hundred shares. In the case of an oversubscription, the Board of Directors will seek to approve subscriptions in such a way that all those to which the fifty percent discount applies are approved, and that small subscriptions are otherwise given precedence over single large subscriptions. Any subscription payments made will be refunded in all cases in which share subscriptions are not approved. No interest will be paid on refunded payments. Further details on the share issue directed at employees will be issued to staff at the earliest possible stage prior to the subscription period, in order to enable employees to prepare to participate in the scheme. The terms and conditions of the scheme are available in full on company's website www.honka.com. Trading in the shares issued under the scheme will begin on the NASDAQ OMX Helsinki Ltd. from around 14 March 2014. However, a share transfer restriction will apply to employee shares until 16 February 2015. HONKARAKENNE OYJ Mikko Kilpeläinen President and CEO For further information, please contact: Mikko Kilpeläinen, President and CEO, tel. +358 50 542 5884 mikko.kilpelainen@honka.com or Mikko Jaskari, CFO, tel. +358 400 535 337 mikko.jaskari@honka.com. DISTRIBUTION NASDAQ OMX Helsinki Oy Key media Financial Supervisory Authority www.honka.com |
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