Espoo, Finland, 2016-03-30 12:40 CEST (GLOBE NEWSWIRE) --
EFORE PLC Stock Exchange Release March 30, 2016 at 13:40
The Board of Directors of Efore Plc has today, March 30, 2016, resolved to issue stock options to the key employees of Efore Plc, based on the authorization received from the Annual General Meeting on March 30, 2016. The Board of Directors shall determine later the key employees. In accordance with the attached terms of the Stock Option Plan 1/2016, the stock options will be marked with symbol “1/2016” and the maximum number of stock options to be issued in 2016 shall be 1,500,000. The stock options shall be given free of charge.
The Company will grant a maximum of 1,500,000 stock options, entitling to the subscription for a maximum of 1,500,000 new shares in the Company. One (1) stock option entitles its holder to subscribe one (1) new share in the Company. The stock options shall be subscribed on December 31, 2016, at the latest.
The share subscription period for the stock options shall be April 1, 2017 - March 31, 2018.
The share subscription price for the stock options is 0.79 euros per share. The share subscription price is determined by valuating the effect of company’s strategic profit targets to the share value. The share subscription price may change according to the terms of the Stock Option program 1/2016.
The theoretical market value of one 1/2016 stock option based on Black & Scholes pricing model with 30 % volatility and 1.5 % risk free interest rate is EUR 0.054.
There are weighty financial reasons referred to in Chapter 10, paragraph 1 of the Limited Liability Companies Act for granting stock options, as the stock options are intended to form part of the commitment and incentive scheme of the key employees of Efore Plc Group. The shares subscribed for with the stock options constitute in total to a maximum of 2.7 per cent of the total number of shares in the company.
EFORE PLC
Board of Directors
Further information: Päivi Marttila, Chairman of the Board of Directors, tel. +358 400 285 358.
DISTRIBUTION
Nasdaq Helsinki Ltd
Main Media
APPENDIX
EFORE PLC STOCK OPTION PLAN 1/2016
Efore Group
Efore Group is an international company which develops and produces demanding power products. Efore's head office is based in Finland and its production units are located in China and Tunisia. Sales and marketing operations are located in Europe, United States and China. In the fiscal year ending in December 2015, consolidated net sales totalled EUR 89,9 million and the Group's personnel averaged 887 . The company's share is quoted on the Nasdaq OMX Helsinki Ltd. www.efore.com
