STOCKHOLM, Sweden, March 21, 2002 (PRIMEZONE) -- In February 1997, the board of directors of Haldex AB decided to introduce an options program with the possibility of an annual and free of charge allotment of call options on the Haldex share.
The options program is intended as a long-term incentive program and complements the existing bonus system. The size of the allotment is linked to criteria on profitability, cash flow and share price development. The program involves some 70 executives in the Haldex group.
Allotted options are issued by D. Carnegie AB and will therefore not result in any dilution for existing shareholders. The options have a maturity of 5 years and an exercise price at 140% of the average share price during 10 trading days following the issue date.
The outcome of the options program has so far been as follows:
For the business year 1997, 100,386 options of totally 110,000 were allotted with an exercise price of 178 SEK.
For the business year 1998, 121,006 options of totally 130,000 were allotted with an exercise price of 160 SEK.
For the business years 1999 and 2000 no allotment was made.
For the business year 2001, 84,000 options of totally 150,000 will be allotted. The exercise price will be fixed at 140% of the average share price during 10 trading days from April 23, 2002. The company's cost for the options allotment pertaining to the business year 2001 amounts to approximately 2 MSEK.
In order to start an options program already in the beginning of 1997, the executives in question were offered to purchase call options at market price. The exercise price at 129 SEK was established as 140% of the share price at the time. These options have now matured with no value.
Haldex has engaged D. Carnegie as advisor.
The Haldex group (www.haldex.com), with headquarters in Stockholm, Sweden, is an innovator in vehicle technology with emphasis on vehicle dynamics and supplies proprietary systems and products for trucks, cars and industrial vehicles on a global basis. Haldex is listed on the Stockholm Stock Exchange and has annual sales of approximately $650 million with 4,150 employees.
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