Amendments to Citycon's stock option terms due to the rights issue
As announced by Citycon earlier today, the Company's Board of Directors has
decided on a rights issue of a maximum of 27,429,469 new shares in accordance
with the shareholders' pre-emptive subscription right. In order to ensure equal
treatment of the Company's stock option holders and the shareholders, the Board
of Directors of Citycon has today decided upon amendments to the terms of share
subscription pursuant to the stock options as a result of the rights issue.
In accordance with the terms and conditions of the 1999 stock options, the number
of shares to be subscribed for pursuant to stock options has been amended so that
each stock option entitles to subscribe for 1.0927 shares at a subscription price
of EUR 1.35 per share. Due to the fact that the share subscription price pursuant
to the 1999 stock options already is equal to the nominal value of a Citycon
share, and could not, therefore, be adjusted, the adjustment was made to the
number of shares to be subscribed for pursuant to each stock option so that the
option holders are also compensated for the lack of subscription price
adjustment.
In accordance with the terms and conditions of the 2004 stock options, the share
subscription prices and the number of shares to be subscribed for pursuant to the
stock options has been amended so that all 2004 stock options entitle to
subscribe for 1.0611 shares and the per-share subscription price with the 2004A
stock options is EUR 2.0451 and with the 2004B stock options EUR 2.6766,
respectively. The share subscription price for the 2004C stock options has not
yet been determined. Half of future dividends, if any, will be deducted from the
subscription prices.
In connection with a share subscription, the total amount of shares subscribed by
a stock option holder will be rounded downwards to full shares. The total
subscription price will be calculated based on the rounded number of shares and
rounded to the nearest euro cent.
According to the amended terms and conditions, the holders of the remaining 1999
stock option rights are entitled to subscribe for a maximum of 3,776,928 shares
corresponding to a further share capital increase of EUR 5,098,852.80. According
to the amended terms and conditions, the holders of stock option rights 2004 are
entitled to subscribe for a maximum of 4,138,290 shares corresponding to a share
capital increase of EUR 5,586,691.50.
The amended terms and conditions shall be applied to any share subscriptions
pursuant to the stock options taking place and approved after this date.
Helsinki, 24 March 2006
CITYCON OYJ
Petri Olkinuora
CEO
For further information, please contact:
Petri Olkinuora, CEO, tel. +358 9 6803 6738 or
mobile +358 400 333 256
Eero Sihvonen, CFO, tel. +358 9 6803 6730 or
mobile +358 50 557 9137
Distribution:
Helsinki Stock Exchange
Major media
www.citycon.fi