Tallinn, Estonia, 2010-12-21 16:31 CET (GLOBE NEWSWIRE) --
According to the initial public offering and listing prospectus (hereinafter Prospectus) of Premia Foods, the Supervisory Board of Premia Foods was granted the right to increase the share capital of Premia Foods by issuing up to 1,000,000 (one million) new shares in order to realize the option plan of the management bodies and key employees of Premia Foods and its subsidiaries. Pursuant to the Prospectus, the terms and conditions and the persons entitled to participate in the option plan shall be determined by the Supervisory Board. The options granted to the members of the Supervisory Board shall additionally be approved by the General Meeting of shareholders.
On 20 December 2010 the Supervisory Board of Premia Foods resolved the execution of the option agreements with the members of the Management Board and Supervisory Board of Premia Foods and the members of management bodies and key employees of the subsidiaries of Premia Foods in order to issue options with the average weighted price of the share of Premia Foods on 17 December 2010 as traded on the NASDAQ OMX Tallinn Stock Exchange, which was 0.93 euro (i.e. the average weighted price on the trading day preceding to the day of determining the terms and conditions of the options).
In accordance with the option plan and option agreements to be executed on the basis of the latter as approved by the Supervisory Board of Premia Foods, each member of the Management Board of Premia Foods and the member of the Supervisory Board Erik Haavamäe, who is currently fulfilling the duties of CFO in the Company, shall be entitled to subscribe for altogether up to 96,000 shares during 3-year period starting from 10 January 2012 and ending on 17 January 2014. During the same period, each member of managing body and key employee of Premia Foods and its subsidiaries shall be entitled to subscribe for up to 48,000 shares. As presented by the Management Board and confirmed by the Supervisory Board, 22 persons belong to the option plan list. The final and actual number of shares, which may be subscribed for by each member of management body and key employee depends on achievement of targets set for Premia Foods and each employee individually and input into activities of Premia Foods.
The shares of Premia Foods acquired in the course of the option plan grant the right to dividends on the same financial year as they were acquired provided that the list of persons entitled to dividends has not been fixed before the acquisition of shares.
Additional information:
Kuldar Leis
Chairman of the Management Board
+372 603 3800