PANOSTAJA OYJ’S MANAGEMENT INVESTS IN COMPANY SHARES AS PART OF A LONG-TERM INCENTIVE AND COMMITMENT PLAN
PANOSTAJA OYJ STOCK EXCHANGE BULLETIN 25 January 2011 1:30 am
Panostaja Oyj’s (Panostaja) Board of Directors decided on 16 December 2010 on a new long-term incentive and commitment plan for members of the management team.The purpose of the system is to combine the long-term interests of Panostaja’s shareholders, while strengthening the commitment that members of the management team have to the company and enabling them to have significant holdings in the company.
Today, Panostaja has sold a total of 623,561 own shares to the members of the management team, and the members of the management team have now acquired the maximum number, 950,000, as defined in the plan, of Panostaja shares for personal ownership or for ownership by a company in which they have a controlling interest, and they bind themselves to owning the shares for as long as the plan is valid.The management’s share ownership within the incentive and commitment plan divides as follows:
Pravia Oy (Juha Sarsama) 350,000 shares
Artaksan Oy (Simo Mustila) 200,000 shares
Heikki Nuutila 200,000 shares
Comito Oy (Tapio Tommila) 200,000 shares
Total 950,000 shares
The members of the management team have funded the investment themselves, in part, and with company financing, in part, bearing the full corporate risk as regards the investment they make in the plan.
In order to enable the procurement of the shares and as part of the plan, Panostaja’s Board of Directors decided to grant a loan with interest in the amount of EUR 1,250,000 maximum to the management team members or to the companies in which they have a controlling interest. The management has taken out a loan with interest totalling EUR 1,207,127.84 to finance the acquisition.
The management team members who participate in the plan between 2011 and 2015 may, based on the objectives achieved, be rewarded with Panostaja shares totalling a maximum of 237,500 shares. Furthermore, any remuneration may be paid in cash to cover the taxes and other levies incurred by the bonus. As regards shares received as a bonus, all management team members are obliged to hold the shares for at least 27 months before divesting them.
PANOSTAJA OYJ
Board of Directors
For more information, contact Vice Chairman of the Board Jukka Ala-Mello, tel. 050-5543 810 and Managing Director Juha Sarsama, tel. 040-774 2099.