COPENHAGEN, Denmark, Feb. 27, 2002 (PRIMEZONE) -- ISS A/S:
Increased employee ownership based on employee shares and share-based incentive schemes is part of the employee policy contained in the Group's strategy, create2005.
Employee shares
In the spring of 2001, ISS launched an employee share program under which 5,134 employees subscribed for a total of 345,705 shares. The Board of Directors has resolved to use authorizations to launch an employee share program in the spring of 2002. Employees with at least three months' seniority will be invited to subscribe for ISS shares at a price equivalent to one third of the market price at the time of subscription. The total maximum number of shares, which can be subscribed for is 854,295, but due to tax rules implemented with effect from 2001, the total subscription is, as in 2001, expected to be lower than the maximum number of shares available.
Share-based incentive schemes
As part of the company's share-based incentive schemes ISS issues war-rants/ options on an ongoing basis (e.g. in connection with newly appointed senior managers). After consulting with the Copenhagen Stock Exchange, ISS believes that 10% of the total outstanding share-based incentive programs is a threshold of materiality in relation to the disclosure rules of the Stock Exchange.
Accordingly, ISS will notify the Copenhagen Stock Exchange when the ac-cumulated number of warrants and options allocated or forfeited (for reasons other than exercise) since the previous preliminary announcement of the annual results or other Stock Exchange release announcing a share-based incentive program exceeds the 10% limit. Significant changes in the accumulated number of outstanding share-based incentive programs will normally take place in the beginning of a year in connection with discussions with the individual senior manager regarding future goals.
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