HELSINKI, Finland, Jan. 31, 2002 (PRIMEZONE) -- In its meeting on January 31, 2002, Proha Plc Board of Directors approved the subscriptions of the option issue that is part of Proha's incentive system. In the issue, a total of 1,458,000 Proha Plc stock options were subscribed, entitling to the subscription of 1,458,000 shares. The stock options were granted without compensation to the personnel of Proha Plc and some of Proha Group's subsidiaries, as well as, to the members of the Board of Directors.
The Board confirmed the subscription price for the shares subscribed on the basis of the stock options as EUR 0.43 per share.
In its meeting on December 17, 2001, the Extraordinary General Meeting decided to issue a maximum of 1,500,000 stock options. The terms and conditions of the option issue were published as a stock exchange bulletin on November 29, 2001.
The Board approved the subscriptions made by the minority shareholders of the German Artemis International GmbH. The minority shareholders subscribed all 312,920 Proha shares, with the book parity of EUR 81,359.20, which were offered to them in the directed issue for the remaining 43.2% share of the company. The directed issue followed the agreement signed on September 1, 2000, at the first phase of which Proha Plc acquired 30.8% of the Artemis International GmbH share capital. The shares acquired in both phases of the purchase will be given to Artemis International Solutions Corporation as the final payment of the share exchange agreement made between Proha Plc and Opus360 Corporation on April 11, 2001. The German Artemis is now a wholly owned subsidiary of the Proha Group.
The Board approved the subscriptions made by the shareholders of Safran Software Solutions AS (Safran). Safran shareholders subscribed all 500,000 Proha shares, with the book parity of EUR 130,000.00, which were offered to them in the directed issue. With the directed issue, Proha exercised the option of the agreement signed on April 6, 2000, and acquired the remaining 40% of Safran to Proha Plc's ownership. After the directed issue, Safran is a wholly owned subsidiary of Proha Plc.
After the registration of these directed issues, the share capital of Proha Plc will be EUR 13,485,490.20, a total of 51,867,270 shares.
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