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 :
- 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.
- 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.
- 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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