KONE Corporation, stock exchange release, March 16, 2010 at 9:30 a.m. EET
KONE Corporation will apply for the listing of its 2007 stock options on the NASDAQ OMX Helsinki Ltd so that the listing begins as of April 1, 2010.
The total number of the 2007 stock options is 2,000,000. Each option right entitles its holder to subscribe for two (2) class B shares. In total, the 2007 stock options entitle to subscribe for 4,000,000 class B shares of KONE Corporation, at maximum. KONE Corporation’s subsidiary, KONE Capital Oy, has 888,000 stock options in its possession. KONE Corporation’s Board of Directors has resolved, in accordance with the terms and conditions of the stock options, that instead of the new class B shares in the company, the stock option holders will be offered shares held by the company (treasury shares) in the share subscription.
The current subscription price for 2007 stock options is EUR 22.845 per share. The subscription price of the shares subscribed for by the stock options has been reduced in accordance with the terms and conditions by the amount of dividends declared before the share subscription at the record date for each dividend distribution and due to the registration of the share issue without payment (split 1:2) on February 28, 2008.
KONE Corporation’s Board of Directors has noted that the criteria of the 2007 stock options plan have been met and resolved that the share subscription period will begin on April 1, 2010 in accordance with the terms and conditions. The stock options may be freely transferred as of that date. The subscription period will end on April 30, 2012. The place of subscription will be Carnegie Investment Bank Ab, Finland Branch.
Finnish Financial Supervisory Authority (FIN-FSA) has granted KONE Corporation an exemption (dnro 19/212/2010) from the obligation to publish a prospectus when applying for admission of the 2007 stock options to public trading.
The reasons to grant the 2007 stock options and the original terms and conditions have been published by a stock exchange release on December 5, 2007. The updated, full version of the terms and conditions of the 2007 stock options is available on the company’s website at
The share subscription timetable in 2010 is as follows:
2007 option rights
|Last subscription date||Delivery of the subscribed shares latest by|
|April 15, 2010||May 6, 2010
|July 15, 2010||August 5, 2010
|October 14, 2010
December 15, 2010
|October 28, 2010
December 31, 2010
The Board will not handle share subscriptions between the end of the financial year 2010 and the Annual General Meeting 2011.
KONE is one of the global leaders in the elevator and escalator industry. The company has been committed to understanding the needs of its customers for the past century, providing industry-leading elevators, escalators and automatic building doors as well as innovative solutions for modernization and maintenance. The company's objective is to offer the best people flow experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. In 2009, KONE had annual net sales of EUR 4.7 billion and approximately 34,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland. Founded in 1910, KONE celebrates its centennial anniversary in 2010.
For further information, please contact:
Jukka Ala-Mello, Secretary to the Board, tel. +358 (0)204 75 4226
Secretary to the Board
Executive Vice President
Marketing & Communications