SRV Yhtiöt Oyj - Company Announcement

SRV modifies share-based bonus schemes for management due to rights issue

Espoo, Finland, 2015-12-18 15:05 CET (GLOBE NEWSWIRE) -- SRV GROUP PLC STOCK
EXCHANGE RELEASE 18 DECEMBER 2015, AT 16.05 

SRV modifies share-based bonus schemes for management due to rights issue

The Board of Directors of SRV Group Plc decided on 17 December 2015 to modify
the company’s share-based incentive scheme as a result of the rights issue
implemented in September 2015. The purpose of the modifications is to assure
that the value of the benefit remains unchanged for participants within the
schemes. In the rights issue 23 731 107 new shares were issued. After the
rights issue the number of shares in the company were 60 499 575. 

The following modifications has been implemented in the share-based incentive
systems launched by SRV Group : 

  1. The scheme for years 2011-2015 covers 52 key persons. These individuals
     have been granted a total of 1,424,000 share bonus rights, of which 354,000
     share bonus rights remain valid. The final period in which the rights may
     be exercised ends on 15 March 2016. The reference price prior to the
     modification based on the rights issue was EUR 6.27/share. The holder of
     the share bonus right is entitled to the excess of the reference right as
     defined in the terms of the scheme. In accordance with the Board of
     Directors’ decision, the reference price is adjusted so that it is EUR
     5.2250/share. At the same time, the number of share bonus rights is
     adjusted so that 424,800 share bonus rights remain valid.
  2. On the basis of a reward scheme for one executive, one executive has been
     granted 500,000 share acquisition rights. A total of 100,000 of these
     acquisition rights remain valid and the period within which they may be
     exercised ends on 31 July 2016. The acquisition rights entitle the holder
     to acquire a corresponding number of SRV Group Plc’s shares at a price of
     EUR 4.80/share or to receive an amount of cash or shares or a combination
     of these corresponding to the benefit arising from exercising the
     acquisition rights, based on a decision of the company. In accordance with
     the Board of Directors’ decision, the reference price EUR 4.80/share of
     valid acquisition rights is modified so that the new reference price is EUR
     4.00/share. At the same time, the total of valid 100,000 acquisition rights
     is adjusted so that the number of valid acquisition rights is 120,000.
  3. On the basis of a reward scheme for President & CEO Juha Pekka Ojala,
     Juha Pekka Ojala has been granted 600,000 share acquisition rights. The
     period within which the acquisition rights may be exercised ends on 31
     December 2020. All of the acquisition rights remain valid. The acquisition
     rights entitle the holder to acquire a corresponding number of SRV Group
     Plc’s shares at a price of EUR 3.1374/share or to receive an amount of cash
     or shares or a combination of these corresponding to the benefit arising
     from exercising the acquisition rights, based on a decision of the company.
     In accordance with the Board of Directors’ decision, the reference price of
     valid acquisition rights of EUR 3.1374/share is modified so that the new
     reference price is EUR 2.6145/share. At the same time, the total of 600,000
     acquisition rights is adjusted so that the number of valid acquisition
     rights is 720,000.

The purpose of SRV Group’s share-based incentive schemes for management is to
combine the goals of shareholders and key individuals for raising the value of
the company as well as to commit key individuals to the company and offer them
a competitive incentive scheme based on performance and increased share
ownership. 


Further information:
Katri Innanen, Senior Vice President, General Counsel, tel. +358 40 067 8898,
katri.innanen@srv.fi 
Päivi Kauhanen, Senior Vice President, Communications, tel. +358 50 598 9560,
paivi.kauhanen@srv.fi 

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