Share subscription price and market value of Cargotec Corporation stock options 2010C
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 10 APRIL 2012 AT 12.00 (EET)
The Annual General Meeting on 5 March 2010 decided on issue of stock options to the key personnel of Cargotec and its subsidiaries. The Board decided on the target group, earnings criteria and option issuance on an annual basis, in the spring of the years 2010 (2010A option rights), 2011 (2010B option rights) and 2012 (2010C option rights). The maximum total number of stock options issued is 1,200,000.
The share subscription price for stock option 2010C is EUR 28.80/share (the trade volume weighted average quotation of the class B share on NASDAQ OMX Helsinki Ltd. during 26 March-6 April 2012). The dividends will be deducted from the share subscription price each year.
In the spring of 2012, the Board issued stock options to nearly 80 persons, including the members of Cargotec's Executive Board. For the share subscription period for 2010C stock options to begin, the performance targets established by the Board must be attained. Stock options for which the targets are not attained will expire in the manner decided by the Board of Directors. The criteria for stock options 2010C is operating profit for 2012.
If the criteria are to be met at full, a maximum total of 400,000 new class B shares or existing class B shares held by the company can be subscribed for with stock options 2010C. The share subscription period for stock options 2010C will be 1 April 2015-30 April 2017.
The theoretical market value of one stock option 2010C is EUR 12.69. The theoretical market value of the stock options 2010C is thus EUR 5,075,455. The theoretical market value of one stock option has been calculated through the use of Black & Scholes stock option pricing model with the following input factors: share price EUR 27.57, share subscription price EUR 28.80, risk free interest rate 1.24 percent, validity of stock options 5.07 years and volatility 53.77 percent.
The terms and conditions of the Option programme 2010 are available on the company's website www.cargotec.com/investors.
For further information please contact:
Kirsi Nuotto, Executive Vice President, Human Resources, tel. +358 20 777 4106
Outi Aaltonen, Senior Vice President, General Counsel, tel. +358 20 777 4020
For further information for investors, please contact:
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.1 billion in 2011 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV www.cargotec.com