STOCKHOLM, Sweden, Feb. 6, 2003 (PRIMEZONE) -- Carnegie's Board of Directors has decided to propose to shareholders that an incentive programme is introduced, offered to current employees in the Carnegie Group. The programme concerns 2003 and will be offered to employees in January 2004. At the Annual General Meeting on 13 March 2003 it will be proposed that bonds amounting up to SEK 240,000 are issued with a maximum of 2,400,000 detachable warrants. The proposed issue is to be made to a wholly owned subsidiary (Carnegie Going Forward AB), which will transfer the warrants free of payment to employees in the Carnegie Group.
Each warrant will carry the right to acquire one new Carnegie share for an amount equivalent to 120% of the average Carnegie share price during the week following publication of Carnegie's year-end results for 2003, in January 2004. The subscription period will end on 27 April 2007. The allocation will take place according to the board's decision in blocks of 100 warrants. The maximum individual allotment will be 50,000 warrants.
In the event that the amount of warrants is exercised in full, the share capital will increase by SEK4,800,000, corresponding to 3.6% of the company's current share capital. Including the existing warrant programmes 2002/2005 and 2003/2006, which were decided at the Extraordinary General Meeting on 28 November 2001, and the Annual General Meeting on 14 March 2002, respectively, and assuming that the proposed programme is exercised in full, the share capital may increase by SEK 14,400,000, corresponding to a maximum of 10.8% of capital and votes.
The aggregate dilution effect in terms of profit per share, calculated in accordance with the Swedish Financial Accounting Standards Council's recommendation (RR18), will be less than 1%, based on today's share price (approx. SEK60).
In January 2003, Carnegie's employees were offered 2,400,000 of the existing warrants 2003/2006. Of the offered warrants, approximately 97% was transferred to employees. The remaining warrants are held by Carnegie Going Forward AB for the purpose of offsetting any costs for payroll taxes, and in order to be able to offer warrants in connection with recruitment. The subscription price for these warrants, due in April 2006, has been set at SEK 72.
For more information please contact: Mats-Olof Ljungkvist, CFO, tel: +46 8 58 86 90 13; Birgitta Henriksson, IR, tel: +46 8 58 86 86 39
Carnegie is the leading Nordic investment bank and asset management firm operating in three principal business areas: Securities, Investment Banking and Asset Management & Private Banking. Carnegie provides a wide array of products and services to Nordic and international clients from offices in seven countries: Sweden, Denmark, Norway, Finland, Luxembourg, UK and the US.