STOCKHOLM, Sweden, Feb. 11, 2002 (PRIMEZONE) -- Carnegie's Board of Directors has decided to propose to shareholders that an incentive programme be introduced for the year 2002, offered to current employees within the Carnegie Group.
The programme will be offered to employees in January 2003. At the Annual General Meeting on March 14, 2002, it will be proposed that bonds amounting up to SEK 240,000 be 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 these warrants free of payment to employees within the Carnegie Group.
Each warrant will carry the right to acquire one new Carnegie share, for an amount equivalent to 120 percent of the average Carnegie share price during the week following publication of Carnegie's year-end results for 2002, in January 2003. The subscription period will end on April 28, 2006. 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 SEK 4,800,000, corresponding to 3.6 percent of the company's current share capital. Including the existing warrant programme 2002/2005, which was decided at the Extraordinary General Meeting on November 28, 2001, and assuming that the proposed programme is exercised in full, the share capital will increase by SEK 9,600,000 in total, corresponding to 7.2 percent of capital and votes.
In January 2002 Carnegie's employees were offered 2,067,000 of the existing warrants 2002/2005. Out of the offered warrants, 95.4 percent were 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 recruitments. The subscription price for these warrants, due in April 2005, has been set at SEK 158.
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.