KAI SEIKKU APPOINTED NEW PRESIDENT OF OKMETIC, NEW INCENTIVE PLAN FOR THE TOP MANAGEMENT OF OKMETIC
(Thomson Reuters ONE) - OKMETIC OYJ STOCK EXCHANGE RELEASE 25 JANUARY 2010 AT 11.00 A.MKAI SEIKKU APPOINTED NEW PRESIDENT OF OKMETIC, NEW INCENTIVE PLAN FOR THE TOPMANAGEMENT OF OKMETIC OYJ IN THE FORM OF A SHARE OWNERSHIP PROGRAMThe Board of Directors of Okmetic Oyj has today appointed M.Sc. (Econ.) KaiSeikku the new President of the Company. Seikku will start in his position todayon 25 January 2010.Kai Seikku (born 1965) has previously served as CEO of HKScan Corporation andbefore that, among others, as CEO for Hasan & Partners Oy. He has also beenemployed for The Boston Consulting Group.The Chairman of the Board of Directors, Henri ?terlund, comments: "Kai Seikkuhas a strong record of leading change and he is an experienced leader in expertorganizations. We expect Kai's competence to significantly contribute toOkmetic's development in a situation, where it is possible to combine theCompany's world class expertise and the potential offered by the growingmarkets. In addition, the significant commitment by Kai Seikku and the deputy tothe President of the Company Mikko Montonen through their own investments isvery welcome".The Board of Directors of Okmetic Oyj (Okmetic) has today decided on a new shareownership program directed to the top management of Okmetic Group. The purposeof the program is to commit the Company's top management by encouraging them toacquire and hold the Company's shares and thus to increase Okmetic's shareholdervalue in the long term.For purposes of the share ownership, the Company's President Kai Seikku anddeputy to the President Mikko Montonen are establishing a limited company, theentire share capital of which they own. The purpose of such company is toacquire Okmetic shares by subscribing for new Okmetic shares in a share issuedirected to the company. The acquisitions are financed on one hand by capitalinvestments in the company to be established by the management, in the maximumtotal amount of EUR 400,000, and on the other hand by a loan to be granted byOkmetic. Other key persons in the Company may later be made shareholders of thecompany.On the basis of the authorization granted by the Annual General Meeting ofShareholders of Okmetic on 2 April 2009, the Board of Directors of Okmeticdecided today on a share issue against payment, which was directed to thecompany to be established owned by the top management. A total of 400,000 newshares in Okmetic was in the share issue offered for subscription to the companyto be established in derogation from the shareholders' pre-emptive subscriptionright. There are from Okmetic's point of view weighty financial reasons for thederogation from the shareholders' pre-emptive subscription right, as the sharesissued in the share issue will be used for the incentive and commitmentarrangement for the management.The subscription price of the new share of Okmetic is EUR 3/share. Thesubscription price is based on the prevailing market price of the share and thesize of the share issue.The company to be established has today subscribed for all the shares offeredand undertaken to pay the subscription price by February 26 2010. The Board ofDirectors has approved the subscription of the shares. As a consequence of theshare subscriptions, Seikku and Montonen hold approximately 2.3 % of the Okmeticshares through the company established by them.The amount that corresponds to the subscription price of the new shares, EUR1,200,000, will be credited to the reserve for invested unrestricted equity ofthe Company. The right to dividend and other shareholder rights will commencewhen the new shares have been entered into the Trade Register and the Company'sshareholders' register. The shares will be registered on the book-entry accountof the subscriber and applied for public trading on the NASDAQ OMX Helsinki Ltd.when the shares will have been entered into the Trade Register, on or about week9.As a result of the share issue, the number of Okmetic's shares increases fromthe current 16,887,500 to 17,287,500 shares. The share capital will not changeas a consequence of the share issue. The shares subscribed for in the shareissue represent approximately 2.3 % of the shares and votes in Okmetic after thecompletion of the share issue.The program will be in force approximately 3 years, at which time it is intendedto be dissolved in a manner to be determined later. The program may bedissolved, e.g. by placing the company to be established into liquidation or bymerging it into Okmetic, or by otherwise selling the Okmetic shares held by thecompany to be established. The program will be extended by one year, in case thetrading price of Okmetic's share during the five trading days following theoriginal expiry date of the program is lower than the share subscription price,for which the company to be established has acquired its Okmetic shares.As part of the arrangement, the Board of Directors of Okmetic has on 25 January2010 decided to grant to the company to be established an interest-bearing loanin the maximum amount of EUR 8,000,000 for purposes of financing thesubscription of the Okmetic shares. The entire loan will be repaid at theexpiration of the program, at the latest. Should the program be extended by oneyear, the loan period may be extended respectively. The company to beestablished has a right to repay the loan prematurely at any time. The Board ofDirectors of Okmetic has also granted a loan to Montonen to be used in thecapitalization of the company to be established.During the term of the program, the transfer of the Okmetic shares held by thecompany to be established has been restricted and the shares of said company maynot be transferred before the expiry of the program.OKMETIC OYJThe Board of DirectorsFor further information, please contact:The Chairman of the Board of Directors, Henri ?terlund, Okmetic Oyj,tel. +358 50 348 9600Distribution:NASDAQ OMX HelsinkiPrincipal mediawww.okmetic.comOKMETIC IN BRIEFTake it higherOkmetic is a technology company which supplies tailor-made silicon wafers forsensor and semiconductor industries and sells its technological expertise to thesolar cell industry. Okmetic provides its customers with solutions that boosttheir competitiveness and profitability.Okmetic's silicon wafers are part of a further processing chain that producesend products that improve human interaction and quality of life. Okmetic'sproducts are based on high-tech expertise that generates added value forcustomers, innovative product development and an extremely efficient productionprocess.Okmetic has a global customer base and sales network, production plants inFinland and the US and contract manufacturers in Japan and China.Okmetic's shares are listed on NASDAQ OMX Helsinki under the code OKM1V. Formore information on the company, please visit our website at www.okmetic.com.[HUG#1376642] OKME0210: http://hugin.info/132025/R/1376642/337972.pdf
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Datum: 25.01.2010 - 04:01 Uhr
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