STOCKHOLM, Sweden, May 3, 2002 (PRIMEZONE) -- Securitas has now completed the issue of the new employee incentive programme. More than 6,800 employees in 20 countries including management, have invested in the program, which was oversubscribed.
The total program amounts to 443.5 MEUR. Securitas AB has issued four convertible debenture loans of 110,87 MEUR each to an independent special purpose company, Securitas Convertible 2002 Holding S:A, in which the employees have subscribed for shares.
The reference price for the Securitas share which was determined as the average closing price during the period April 24th to April 30th was set to 186.90 SEK. The Euro SEK exchange rate was set to 9.23 SEK. This gives a conversion rate of 20.23 Euro on the first convertible debenture. The second, third and fourth series will have conversion rates of 24.30 EUR (20% premium), 28.40 EUR (40% premium) and 32.40 EUR (60% premium). The program and the convertible debentures runs until May 2007.
The dilution effect will be 4.75 % of the share capital and 3.34 % of the votes measured after full conversion of the existing outstanding convertible debenture program.
Further information may be obtained from Henrik Brehmer, Investor Relations, phone: +44 (0)20 8432 6523 mobile +44 7884 117 192
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http://www.waymaker.net/bitonline/2002/05/03/20020503BIT01000/wkr0002.pdf