Tallinn, Estonia, 2014-01-21 08:05 CET (GLOBE NEWSWIRE) --
The Supervisory Board of AS Premia Foods (hereinafter Premia Foods) adopted on 20.12.2010 the resolution on the issue of options to the members of management bodies and key employees of Premia Foods. The terms and conditions of the issue of options have been described in detail in the company announcement of Premia Foods, dated 21.12.2010, which is available at the information system of NASDAQ OMX Tallinn Stock Exchange (http://www.nasdaqomxbaltic.com/market/?pg=details&instrument=EE3100101031&list=2&tab=news&news_id=245961). The terms and conditions of the options were the same for the members of Supervisory Board of Premia Foods and were approved by the General Meeting of shareholders.
The Supervisory Board and the General Meeting of shareholders of Premia Foods determined the price per share payable for the shares acquired in the course of the option program to be 0.83 euro. According to the option agreements executed in the course of the option program, the members of management bodies and key employees of Premia Foods and its subsidiaries were entitled to subscribe for the shares of Premia Foods for the issue price of 0.86 euro per one share during the period of 10.01.2012 – 17.01.2014.
According to the option program and the option agreements executed in the course thereof, the vesting of the option shares occurred in three stages, whereas it was possible to subscribe for the option shares during three different subscription periods: 10.01.2012 – 17.01.2012, 10.01.2013 – 17.01.2013 and 10.01.2014 – 17.01.2014.
The Management Board of Premia Foods hereby informs that the last subscription period of the option program and the entire option program has ended. In the course of the option program, no shares of Premia Foods were subscribed for.
The volume of the option program was 900,000 shares and the estimated cost of the option program for the 3-year period is 61 581 euro. The counterhalf of the estimated cost has been recorded in accordance with the accounting principles of IFRS 2 in the line of “Other reserve” of the Financial Position Statement of Premia Foods. As of 17.01.2014 "other reserves" was added to the retained earnings.
Additional information:
Katre Kõvask
Premia Foods
Chairman of Management Board
T: +372 6 033 800
katre.kovask@premia.ee
www.premiafoods.eu