TOMRA - NOTIFICATION OF TRADE - REDEMPTION OF OPTIONS
The Tomra Systems ASA Board has in accordance with proxies given at the Annual General Meetings of 22 April 2004 and 19 April 2005, redeemed vested options under the Group's option programs for management and employees.
Management program 2004-2006
Of 1,890,000 vested options at a strike price of NOK 33.10, 957,050 are today redeemed.
Employee program 2004-2009
Of 550,000 vested options at a strike price of NOK 40.10, 106,416 are today redeemed.
There has not been any share issues or shares sold from treasury stock held by the company, as the employees and managers will be compensated in cash for the gain, NOK 10,421,481 in total. The gain per option equals the difference between today's closing price of NOK 43.60 and the strike prices of NOK 33.10 and 40.10 respectively.
The redemptions under the management program 2004-2006, includes the following primary insiders (the numbers below refer to number of options redeemed, shareholding, and number of options kept after the redemption)
Trond Johannessen (50.000, 2.000, 50.000)
Svanaug Bergland (32.500, 0, 50.000)
Håkon Volldal (25.000, 0, 25.000)
Espen Gundersen (60.000, 0, 100.000)
Heiner Bevers (30.000, 2.000, 65.000)
Håkan Erngren (27.000, 0, 30.000)
Fredrik Witte (20.000, 1.100, 70.000)
The redemption will not have any P&L-impact, as the Group accounts for the option programs in accordance with IFRS 2, where the calculated market value for the options is expensed over the vesting period.
For further information, please contact: President and CEO Amund Skarholt +47 97 55 94 25.
Asker, 28 October 2005
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Tomra Systems ASA