KONE’s Extraordinary Shareholders' Meeting of KONE Corporation on 21 November, 2005 approved the Board proposal to issue new option rights to key personnel of the KONE group as well as to a wholly-owned subsidiary of KONE Corporation.
In accordance with the decision of the shareholder meeting, 2,000,000 option rights were issued.
All 2,000,000 KONE 2005 C option rights were subscribed, and the Board of Directors of KONE Corporation approved the subscriptions. Each stock option entitles to subscribe for one (1) KONE class B share. The subscription price is 28.40 euro/share. The share subscription period for option rights 2005 C shall be 1 April, 2008–30 April, 2010. However, the share subscription period will begin only if the following criteria have been attained: the average net sales growth of the KONE Group for financial years 2006 and 2007 exceeds market growth and the Earnings before Interest and Taxes (EBIT) of the KONE Group for the financial year 2006 exceeds the EBIT for the financial year 2005 and the EBIT for the financial year 2007 exceeds the EBIT for the financial year 2006.
As a result of share subscriptions, the share capital of KONE Corporation may be increased by a maximum total of EUR 1,000,000 and the number of class B shares by a maximum total of 2,000,000 new class B shares.
Board of Directors
Director, Secretary to the Board
Senior Vice President, Corporate Communications & IR
For further information, please contact:
Tapio Hakakari, Director, Secretary to the Board, tel. +358 (0)204 75 4226
KONE is the world’s fourth largest elevator company and provides complete and innovative solutions for the installation, maintenance and modernization of elevators and escalators and the maintenance of automatic building doors. KONE provides safe and easy access to hundreds of millions of people daily in all parts of the world. KONE has annual net sales of approximately EUR 3 billion and about 27,000 employees. Its class B shares are listed on the Helsinki Stock Exchange.