ESPOO, Finland, April 26, 2002 (PRIMEZONE) -- The Board of Directors of AvestaPolarit Oyj Abp has today decided on the distribution of the warrants directed to the key personnel of the AvestaPolarit Group and to the wholly owned subsidiary of AvestaPolarit Oyj Abp, AvestaPolarit Stainless Oy, as issued by the Annual General Meeting of Shareholders on 9 April 2002.
A total of 1,600,000 2002A warrants were distributed to the key personnel of the AvestaPolarit Group. The rest of the 2002A warrants and all 2002B and 2002C warrants were distributed to AvestaPolarit Stainless Oy, a wholly owned subsidiary of AvestaPolarit Oyj Abp, to be further distributed to the present and future key personnel of the AvestaPolarit Group.
The maximum number of AvestaPolarit Oyj Abp shares that can be subscribed for with the warrants is 6,400,000.
The share subscription price shall be:
-- for warrant 2002A the trade volume weighted average quotation of
the AvestaPolarit Oyj Abp share on the Helsinki Exchanges between
1 April and 30 April 2002,
-- for warrant 2002B the trade volume weighted average quotation of
the AvestaPolarit Oyj Abp share on the Helsinki Exchanges between
1 April and 30 April 2003, and
-- for warrant 2002C the trade volume weighted average quotation of
the AvestaPolarit Oyj Abp share on the Helsinki Exchanges between
1 April and 30 April 2004.
From the share subscription price shall be deducted the amount of the dividend decided after the beginning of the period for determination of the share subscription price but before share subscription. The share subscription price shall nevertheless always amount to at least the book equivalent value of the share.
The share subscription period for warrant 2002A shall be 1 April 2004 - 30 April 2009, for warrant 2002B 1 April 2005 - 30 April 2009 and for warrant 2002C 1 April 2006 - 30 April 2009.
The Annual General Meeting approved the issue of warrants on 9 April 2002, and the terms and conditions of the warrants were published in a stock exchange release on the same date.
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The following files are available for download:
www.waymaker.net/bitonline/2002/04/26/20020426BIT00930/wkr0001.doc www.waymaker.net/bitonline/2002/04/26/20020426BIT00930/wkr0002.pdf