ADDTECH AB: REPURCHASE OF OWN SHARES AND OPTION PROGRAM
Under the proposal of the Board of Directors regarding purchasing own shares, the Board of Directors will be authorized to repurchase shares in the Company during the period until the next following regularly scheduled Annual General Meeting.
Purchases shall be made over the Stockholm Stock Exchange and will be limited so that at no time the holding of shares in treasury will exceed 10 percent of all outstanding shares or votes in the Company. The purpose of the repurchase program is to give the Board of Directors freedom of action in its work with the Company´s capital structure and to secure the Company´s obligations in connection with the option program for members of senior management as proposed by the Board of Directors.
The Board of Directors has also decided to propose that the extra general meeting of shareholders authorizes the Board of Directors to dispose of own shares in ways other than over the Stockholm Stock Exchange to finance acquisitions and to decide on conveyance of shares to fulfill the Company´s obligations in connection with the Company´s personnel option program.
The personnel options program is intended to spur further efforts, thereby improving earnings and profitability. The Board of Directors is thus of the opinion that the options will have a positive impact on future results, which is clearly in the best interest of the shareholders.
The total scope of the program will be maximized at 700.000 options, of which the President will be awarded 100.000 options and other senior managers will be awarded between 5.000 and 70.000 each.
The options will be awarded free of charge. The options will be non-transferable and will be exercisable for subscription of shares only if the executive in question is still employed by Addtech.
The options will have a tenor of 3 years and will entitle the holder to acquire shares in the Company held in treasury by the Company. The strike price of the options will be 110 percent of the average highest and lowest paid price for Addtech shares over a five-day period in conjunction with the extra general meeting of shareholders.
Purchase and disposal of own shares is intended to be subject to a resolution by an extra general meeting of shareholders to be held on December 17. The complete proposal of the Board of Directors regarding purchase of own shares will be available at the Company´s offices from December 3, 2001 and a complete proposal regarding disposal of own shares will be available at the Company´s offices from December 10, 2001.
Solna, November 13, 2001
Refer any questions to Roger Bergqvist, President, +46 8 470 49 04, or Kennet Göransson, CFO, +46 8 470 49 10.
Addtech is a technology trading group that provides technological and economic value added in the link between manufacturers and customers. Addtech operates in selected niches in the market for advanced technology products and solutions. Its customers primarily operate in the manufacturing industry and infrastructure. Addtech has about 2 300 employees in approximately 130 subsidiaries that operate under their own brands. The Group has annual sales of about SEK 8 billion. Addtech is listed on Nasdaq Stockholm.