Schibsted ASA (SCH) - Allotment of options 2009
(Thomson Reuters ONE) - Since 2000 Schibsted ASA has had an annual rolling option programmefor key personnel in the Group. The Annual General Meeting on May15th 2009 decided to continue the existing option programme in 2009,with the same total number of options for allotment as in 2008 -198,750 options. The Board of Directors has now decided to carry outthe option allotment according to the decision on the Annual GeneralMeeting May 15th 2009. Of the total 198,750 options included in theoptions programme, 150,000 are allotted.The objective of the options programme is to promote long-term valuecreation by contributing to increased ownership by key managers ofthe Schibsted Group and to ensure that the management andshareholders have common interests due to their share ownership.The main terms of the options programme are as follows:The allotment price and the exercise price for the options allottedin 2009 is NOK 64.10. The price is determined according on theoptions programme rules, based on the average stock price one weekprior to and one week after May 15th 2009 (the public announcement ofthe results for Q1 2009),The exercise price is the same throughout the accrual period and theexercise period. Right to exercise options normally occurs after a 3years accrual period. The exercise has to take place within the twoyears following the accrual period.The option programme constitutes an obligation to reinvest. Whenoption-holders sell shares acquired by exercising options, they mustuse at least 50 % of the net gain after tax to acquire further sharesin Schibsted. These shares can not be sold until at least three yearsafter they were bought.There is a maximum gain that the option holders can achieve pershare. The maximum annual gain has been set to 35 %. With 2009allotment price of NOK 64.10, the highest price an option can beexercised at is NOK 157.71, which equals a gain of NOK 93.61 peroption share.The terms are in accordance with the Board of Directors' Declarationregarding the determination of salary and other remuneration tomanagers of Schibsted ASA and previous years practice.The following primary insiders are included in the allotment ofoptions in 2009: Tot. no. Number of of Shares options Including closePosition Name allotted options associatesCEO Rolv Erik 30,000 60,000 7,102 RyssdalEVP/CFO Trond Berger 15,000 75,000 15,828EVP Sverre Munck 15,000 75,000 13,912EVP Gunnar 15,000 67,500 7,052 StrömbladHead of Legal Camilla 7,500 7,500 203Affairs JarlsbySenior Vice Cathrine Foss 7,500 15,000 1,713President SteneCEO VG Torry 7,500 15,000 394 PedersenEditor-in-Chief VG Bernt Olufsen 7,500 37,500 16,846The Board of Directors will propose to the Annual General Meeting in2010 an adjustment of the value dilution that occurs as a consequenceof the rights issue that Schibsted carried out during the summer2009. The adjustment will be proposed according to the Derivativesrules of Oslo Stock Exchange, for the options allotted in 2009 and inprevious years.Contact persons:CEO Rolv Erik Ryssdal, mobile (+ 47) 916 00 200CFO Trond Berger, mobile (+ 47) 916 86 695 Oslo, October 8 2009 SCHIBSTED ASA Jo Christian Steigedal VP Investor RelationsThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 08.10.2009 - 14:16 Uhr
Sprache: Deutsch
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