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 €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 €2.0451 and with the 2004B stock options €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 €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 €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.
Source: Citycon
