PAYNOVA’S KEY STAFF MEMBERS ACQUIRE OPTION RIGHTS
The Paynova Board has issued 15 employees with 760,000 option rights, 400,000 of which go to the newly appointed CEO Lars Ekstedt and the other three members of the management group. These option rights have been acquired at market price on 31 August, the end of the registration period, via the company’s incentive scheme. In addition, Lars Guldstrand, who was recently coopted onto the Board in an advisory capacity, acquired 150,000 call options and the newly elected board member Marie-Louise Kjellström acquired 50,000 call options issued by six of the company’s largest shareholders.
The incentive scheme, decided on by the Board on 18 May 2005 and approved by an extraordinary general meeting on 21 June 2005, comprises Option Rights TO10 2005/2008. These entitle the holder to subscribe to new shares in Paynova during the period June 2007 – May 2008 at a share price of SEK 12.50. The share capital may be increased by as much as SEK 76,000 and the cumulative dilution effect will then be approximately 2.5%.
The Board has also dealt with an application from a consortium consisting of six of Paynova’s largest shareholders, which has issued call options within the framework of its existing shares. The intention of the shareholders is for key staff members who are unable to participate in the company’s incentive scheme to be given a similar incentive and have opportunities to share in the company’s future development through these option rights. Lars Guldstrand, who has recently become an associate of the company as a consultant in both strategic and operational matters and has been coopted onto the Board, has thereby acquired 150,000 call options. Marie-Louise Kjellström, who was recently elected as a Board Member at the Annual General Meeting in May, has acquired 50,000 call options.
The purchase price and terms for the call options are in line with market conditions, with prices set in accordance with the Black & Schooles valuation model. They comply in the main with the terms of the incentive scheme’s option rights 2005/2008.
Marie-Louise Kjellström’s holding in Paynova thus amounts to 53,000 options and 15,000 shares, and Lars Guldstrand’s holding amounts to 150,000 options and 12,000 recently acquired shares.
For further information, please contact:
Peter Enström, Paynova AB, Tel: +46 70 574 9982
www.paynova.com
About Paynova
Paynova AB offers modern payment services on the Internet, for large and small sums alike. E-retailers gain access to a number of European payment methods and currencies in a total solution with a payment guarantee. Consumers can open a Paynova wallet free of charge on the Internet to make purchases more secure and simpler, or look after transfers between family members, friends and acquaintances. More than 20,000 banks worldwide accept VISA and MasterCard payments via Paynova. More than 800 e-retailers have agreements with Paynova. Most are found in the following segments: travel, media, the retail trade and network games, e.g. Swebus Express, SJ, Ryanair, CD WOW, Fujifilm Sverige, and TV4. The company has been listed on NGM since February 2004. For more information and pictures, visit: www.paynova.se