SanomaWSOY to give the second block of 2004 Stock Options
SanomaWSOY Corporation will distribute the second block of stock options in line with the terms of Stock Option Scheme 2004. The Board of Directors has decided to distribute a total of 1,135,300 2004B stock options to 208 senior managers within the Group. The stock option scheme includes all five divisions of SanomaWSOY Group.
The undistributed 2004B stock options, totalling 364,700 options, were given to Lastannet Oy. The Board of Directors of SanomaWSOY will decide on their distribution later. The Board of Directors is entitled to broaden the range of recipients or to decide to distribute stock options in new acquisitions or recruitment.
The subscription period for 2004B stock options will begin on 1 November 2008 and end on 30 November 2011. The subscription price will be the trade volume weighted average price of SanomaWSOY Series B share, as quoted in November - December 2005, plus 20%. The annual cash dividend will be deducted from the subscription price.
Stock Option Scheme 2004 comprises a maximum of 4,500,000 stock options, each entitling the holder to one SanomaWSOY Series B share. The stock options will be distributed in three stages, at the turn of 2004/2005 (identified as 2004A stock options), 2005/2006 (2004B stock options), and 2006/2007 (2004C stock options), and in each stock option category a maximum of 1,500,000 stock options can be issued. A total of 1,133,200 2004A stock options have been distributed to 200 senior managers. The undistributed 2004A stock options were given to Lastannet and the Board of Directors will decide on their distribution later.
The number of shares covered by the 2004 stock options is equivalent to a maximum total of 2.80% of the company shares and 0.75% of votes after the conversion. The stock options issued so far would represent approximately 1.41% of the shares after the conversion and some 0.38% of the votes.
Company personnel who belong to the inner circle of the Company and who are entitled to subscribe for shares under this stock option scheme currently hold under 1% of the Company?s shares and associated votes.
SanomaWSOY?s Board of Directors decided and the Company announced the issuance of Stock Option Scheme 2004 on 8 November 2004 on the basis of an authorisation received at the AGM on 30 March 2004. Stock Option Scheme 2004 is SanomaWSOY?s second stock option scheme.