ADDTECH AB: PRESS INFORMATION FOLLOWING GENERAL MEETING OF SHAREHOLDERS
* Option program
In accordance with a proposal of the Board of Directors, an extra general meeting of shareholders of Addtech held today, resolved to authorize the Board of Directors to purchase and sell class B shares in the Company on one or more occasions during the period until the next following regularly scheduled Annual General Meeting.
Purchases shall be made over the Stockholm Stock Exchange and shall be limited in such a way that at no time own shares held in treasury shall be allowed to exceed 10 percent of all of the Company´s outstanding shares. The purpose of the repurchase is to give the Board of Directors increased freedom of action in its work with the Company´s capital structure and to secure the Company´s undertaking in the option program resolved by the Annual General Meeting.
If 10 percent of all shares outstanding had been repurchased 12 months ago, earnings per share for the period in question would have been higher by SEK 0.31. The return on equity would have been higher by 7 percentage points and the equity ratio would have been lower by 9 percentage points to 31 percent as of September 30, 2001.
Own shares may be sold to finance the acquisition of companies or businesses. Sales shall be affected in ways other than over the Stockholm Stock Exchange.
The Board of Directors intends to award 700,000 so-called personnel options to approximately 55 members of senior management in the Group. To make this possible, the general meeting resolved that the Company shall transfer up to 700,000 class B shares in the Company in connection with any redemption of such personnel options.
The President will be awarded 100,000 options and others will be awarded 5,000 to 70,000 options each. Each option entitles its holder to purchase one class B share in Addtech. The price per share (the redemption price) is SEK 44,80, which is equivalent to 110 percent of the average market price for the Addtech share during the period December 3 - 7, 2001. The options may be exercised during the period July 19, 2004 - February 18, 2005.
The options are non-transferable and can only be exercised as long as the holder continues to be employed by the Company. The options are thus not considered to be securities. For this and other reasons the options will be awarded free of charge.
The personnel option program may entail social benefit expenses for the Company. In the event of an annual increase in the market price of the share of 10 percent, these expenses will amount to about MSEK 2.2 if all options are exercised at the end of their term. If the personnel options are exercised, the number of shares outstanding will increase by about 2.5 percent (1.6 percent of the votes). To offset this, repurchase of shares is planned, which reduces the number of shares outstanding.
Stockholm, December 17, 2001
For further information please contact Roger Bergqvist, President Addtech AB, +46 8 470 49 04 or Kennet Göransson, CFO Addtech AB, +46 8 470 49 10