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The Annual General Meeting of KONE Corporation decided on 27 February, 2004 to confirm the option program, which will implement the decision by the Extraordinary General Meeting of Shareholders on 17 November, 2000 to issue option rights to the key personnel of KONE Corporation. In accordance with the decision of the shareholder meeting, a maximum of 350,000 options rights were issued, of which a maximum of 180,000 A option rights were offered to the Group’s key personnel and a maximum of 170,000 B option rights to Kone Capital Oy. The subscription period for the option rights was 1-19 March, 2004.
145,130 A option rights and 170,000 B option rights were subscribed, and the Board of Directors of KONE Corporation has approved the subscriptions. Each option right confers the right to subscribe for three (3) KONE B class shares with the par value of 1.00 euro. The subscription price is 24.67 euro/share. The A option rights entitle to subscription of 435,390 KONE B shares between 1 April, 2004 and 31 March, 2008, and the B option rights entitle to subscription of 510,000 KONE B shares between 1 April, 2005 and 31, March 2009.
The company will apply for listing of the A option rights on the Helsinki Stock Exchange from 1 April, 2004.
The option program terms and conditions are available from AGM section under Option Program.
Secretary to the Board of Directors
Executive Vice President,
Finance and Information Services
For further information, please contact:
Tapio Hakakari, Secretary to the Board, tel. +358 (0)204 75 4226
KONE is a global service and engineering company that specializes in moving people and goods. It comprises two divisions: KONE Elevators & Escalators and Kone Cargotec. KONE Elevators & Escalators sells, manufactures, installs, maintains and modernizes elevators and escalators, and services automatic building doors. Kone Cargotec supplies products and services to facilitate moving and loading cargo. KONE's B shares are listed on the Helsinki Exchanges.