VARNAMO, Sweden, Sept. 6, 2002 (PRIMEZONE) -- The Board of Directors of Finnveden AB (publ) has decided to introduce a stock options program for senior executives, with premium-free allotment of call options pertaining to the company's share.
The program comprises six senior executives in the Group and will involve allotment of a maximum of 175,000 call options. The options are being written by D. Carnegie AB and, accordingly, will not result in any dilution for the existing shareholders.
In conjunction with the six-month interim report 2002, it was announced that Finnveden is intensifying its focus on automotive-related operations and carrying out a streamlining of the Group. The options program will increase the incentive for the senior executives, in accordance with the new strategy, to develop and establish Finnveden over the long term as an obvious partner to the international vehicle industry.
The exercise price will be set at 120 percent of the average price on the stock exchange during ten trading days beginning August 26, 2002. The price for the call options will be established after September 6. The total estimated cost of the options program amounts to SEK 2 M, and will be charged against Finnveden's earnings in the third quarter.
Request for cash settlement of the options can be made during the period May 1, 2004 through October 31, 2004.
Finnveden AB (publ)
For additional information, please call: Borje Fransson, CFO of Finnveden, +46 370 206 24, +46 705 90 53 74.
Finnveden is an international engineering group, with strong market positions in the automotive industry. Products include fasteners, engine components and sheet-metal components. Finnveden is listed on Stockholmsborsen (Stockholm Exchange) and has annual sales of about SEK 4.5 billion, with 3,500 employees. Additional information is available on Finnveden's website: www.finnveden.se
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