12th Jan 2010 16:20
12 January 2010
POWERFLUTE OYJ
GRANT OF OPTIONS
Powerflute Oyj ("Powerflute" or "the Company"), which operates paper mills in Finland and Germany, today announces that on 11 January 2010 its Board of Directors approved the grant of options over 3,000,000 of the Company's ordinary shares to Marco Casiraghi, who joined the Company as its Chief Executive Officer on 1 January 2010. The options were granted under the terms of the Powerflute Stock Option Scheme ("PSOS") as announced on 19 November 2009 and have a subscription price of €0.33 (33 eurocents).
In addition to the share options granted to him under the PSOS, under the terms of his employment Mr Casiraghi has been provided with a special share-based incentive comprising a nil-cost option over a further 2,000,000 shares whose vesting is subject only to him continuing to be employed by the Company on 31 December 2012.
The shareholding and total number of share options held by Mr Casiraghi following this announcement are as follows:
|
Shareholding |
Options |
||
|
Number |
% |
Number |
% |
|
Nil |
- |
5,000,000 |
3.5% |
Details of the terms and conditions and the nature of the equity incentives to be provided to Mr Casiraghi were included in the announcements relating to the establishment of the PSOS and his appointment as Chief Executive, both made by the Company on 19 November 2009.
Ends
Contacts
For additional information please contact:
|
Powerflute OYJ Dermot Smurfit (Chairman) David Walton (Chief Financial Officer) |
c/o Billy Clegg, Financial Dynamics +44 (0)20 7269 7157 |
|
|
Collins Stewart Europe Ltd: Piers Coombs Mark Dickenson
|
+44 (0)20 7523 8350 |
|
|
E.Öhman J:or Fondkommission AB: Ms Arja Väyrynen |
+358 9 8866 6029 |
|
|
Financial Dynamics: Billy Clegg Georgina Bonham |
+44 (0)20 7831 3113 |
|
|
K Capital Source Mark Kenny Jonathan Neilan |
+353 (1) 663 3686 |
About Powerflute
Powerflute Oyj ("the Company" or "Powerflute") is a packaging group with established positions in Nordic semi-chemical fluting and coated woodfree papers.
Through its subsidiary Savon Sellu Oy, the Group operates a paper mill in Kuopio, Finland which produces a specialised form of semi-chemical fluting made from birchwood sourced principally in Finland and Russia. Corrugated boxes manufactured using Nordic semi-chemical fluting demonstrate exceptional strength and moisture resistance and are extensively used for transportation of fruit and vegetables, high-value industrial goods such as electrical appliances and automotive components. The Kuopio mill has the capacity to produce up to 300,000 tonnes per annum and is one of three suppliers of Nordic semi-chemical fluting in Europe.
Through its recently acquired subsidiary Papierfabrik Scheufelen, the Group operates a paper mill in Lenningen, Germany which produces a range of coated woodfree papers from mixed hardwood and softwood pulps. Coated woodfree papers are used in the production of printed promotional material such as brochures, leaflets and other point of sale materials for producers and distributors of premium branded goods. The Lenningen mill has the capacity to produce up to 300,000 tonnes per annum and supplies the majority of its products into the European market where total demand has historically been in excess of 7.7 million tonnes per annum.
Related Shares:
POWR.L