OKMETIC INITIATES REPURCHASE OF OWN SHARES, SHARE-BASED INCENTIVE PLAN FOR THE EXECUTIVE MANAGEMENT GROUP
(Thomson Reuters ONE) - OKMETIC OYJ STOCK EXCHANGE RELEASE 11.2.2010 AT 1.00 P.M.OKMETIC INITIATES REPURCHASE OF OWN SHARES, SHARE-BASED INCENTIVE PLAN FOR THEEXECUTIVE MANAGEMENT GROUPDECISION TO INITIATE REPURCHASE OF OWN SHARESThe Board of Directors of Okmetic has today decided, based on an existingauthorisation of the Board of Directors, to repurchase a maximum of 280 000 ownshares in the company, corresponding to approximately 1.7 percent of the totalnumber of Okmetic shares. Currently, the company does not possess any ownshares.The repurchased shares may be used in developing the company's capitalstructure, as compensation in possible corporate acquisitions or in otherbusiness arrangements, as part of the company's incentive plan or transferred orcancelled in other ways.The shares shall be repurchased with the company's distributable assets and therepurchase shall decrease the company's distributable equity. The shares shallbe repurchased in a proportion other than that of the shares held by theshareholders through public trading on the NASDAQ OMX Helsinki Oy at marketprice prevailing at the time of repurchase.Share repurchase shall be started on 18 February 2010 at the earliest. Sharerepurchase shall end before the Annual General Meeting 2010, however, on 6 May2010 at the latest.The Extraordinary General Meeting of Okmetic Oyj has on 6 November 2008authorised the Board of Directors to decide on repurchase of a maximum of1 688 750 own shares. The terms and conditions of the authorisation have beendisclosed in the stock exchange release of 6 November 2008 regarding thedecisions of the Extraordinary General Meeting of Okmetic Oyj. The authorisationhas not been used yet.Okmetic Oyj's financial statements, interim reports and other documents thatshall be held available according to the provisions regarding repurchase of ownshares are available at Okmetic Oyj's website www.okmetic.com for at least thetime during which the shares to be repurchased shall be offered to the company.DECISION ON A SHARE-BASED INCENTIVE PLAN FOR THE EXECUTIVE MANAGEMENT GROUP FOR2010 AND 2011The Board of Directors of Okmetic has today also decided on a new performanceshare program for the Executive Management Group for 2010 and 2011 as a part ofthe group's incentive and commitment plan.The purpose of the program is to commit the Executive Management Group and toincentivise to profitable, growing business performance with a strong cash flowand in this way to generate long-term shareholder value. The program is dividedinto two earnings periods, which are the calendar years 2010 and 2011.The payment of reward will be based on common performance criteria, which are,among other things, the operating income and cash flow, as well as on individualperformance criteria which are, for the President, increasing sales andimproving profitability. The individual performance criteria for the otherExecutive Management Group members are prepared by the President and the Boardof Directors resolves on the confirmation of the criteria.The possible rewards of the performance share program will be paid in Okmeticshares and in a monetary amount covering the taxes in accordance with reachingthe goals that have been set. The amount of the earned reward will be determinedbased on the realisation of the set goals and the possible reward will be paidto the persons in the program at a time decided by the Board of Directors.The possible rewards to be paid in accordance with the program correspond to amaximum of 1.4 million euro in total, including also the monetary amountcovering the taxes. The shares to be transferred as rewards will be thecompany's own shares to be repurchased from the stock market and therefore, theincentive program does not have a dilution effect to the number of shares.The shares earned based on the performance share program must be held for atleast two years after each reward disbursement. In addition, the President musthold at least half of the shares received as share reward for as long as thePresident is in the service of the company. If a person participating in theprogram ceases to be in the service of the company, the rights that such personhas based on the program shall expire. The persons in the program may changeduring the course of the program.In addition to the new performance share program directed to the ExecutiveManagement Group, a share ownership program directed to the top management is inplace in Okmetic.OKMETIC OYJBoard of DirectorsFor further information, please contact:President Kai Seikku, Okmetic Oyj,tel. (09)5028 0232, email: kai.seikku(at)okmetic.comSenior Vice President, Finance, Esko Sipil?Okmetic Oyj,tel. (09) 5028 0286, email: esko.sipila(at)okmetic.comDistribution: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 tosolar 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'sshares are listed on NASDAQ OMX Helsinki under the code OKM1V. For moreinformation on the company, please visit our website at www.okmetic.com.[HUG#1383515] OKME0610: http://hugin.info/132025/R/1383515/342355.pdf
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 11.02.2010 - 06:04 Uhr
Sprache: Deutsch
News-ID 1010266
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Vantaa
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 114 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"OKMETIC INITIATES REPURCHASE OF OWN SHARES, SHARE-BASED INCENTIVE PLAN FOR THE EXECUTIVE MANAGEMENT GROUP
"
steht unter der journalistisch-redaktionellen Verantwortung von
Okmetic Oyj (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
