Incentive program for employees of AS Hansapank Group
Incentive program for employees of AS Hansapank Group The Board of Directors of FöreningsSparbanken today has decided to propose that FöreningsSparbanken's Annual General Meeting on April 12, 2000 approve directed issues of shares and warrants in the Estonian subsidiary AS Hansapank to senior executives and other key employees of the Hansapank Group. The Board recommends that FöreningsSparbanken's Annual General Meeting approve that the Council of Hansapank be authorized by its Annual General Meeting to issue up to 1,567,000 shares to complement an old warrant program and establish a new program of up to 1,300,000 warrants. Each warrant entitles its holder to subscribe for one new share in Hansapank. Allocations will be determined by the Council of Hansapank to up to approximately 65 senior executives and other key employees of the Hansapank Group. As proposed, half of the new warrants can be exercised in April 2001 and half in April 2002. The Council of Hansapank has the right to allocate the warrants without compensation. The subscription price for shares through the exercise of the new warrants will be determined by Hansapank's Council in connection with its decision to implement the new program and presumably will correspond to the current price of Hansapank's shares on the Tallinn Stock Exchange at the time the program is established, which is expected to take place during the later half of April 2000. FöreningsSparbanken's ownership interest in Hansapank will decline from approximately 52.64% to approximately 51.62% if all existing and proposed warrants are exercised. Notice of the Annual General Meeting in Malmö on April 12, 2000 will be issued around March 8, 2000. The Board of Directors' complete proposal will be made available as of March 29, 2000 at FöreningsSparbanken's head office in Stockholm. For further information, please contact, Einar Frydén, Information Manager, telephone + 46 - 8 - 5859 1630, mobile phone + 46 - 70 - 511 00 33, einar.fryden@foreningssparbanken.se ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/03/02/20000302BIT00490/bit0001.doc http://www.bit.se/bitonline/2000/03/02/20000302BIT00490/bit0002.pdf