LASSILA & TIKANOJA PLC COMPANY ANNOUNCEMENT 25 March 2009 8.45 am
SHARE-BASED INCENTIVE PROGRAMME FOR LASSILA & TIKANOJA'S KEY PERSONNEL
Lassila & Tikanoja plc's Board of Directors decided at a meeting held on 24
March 2009 on a share-based incentive programme to form a part of the incentive
and commitment scheme for the company's key personnel. The purpose of the
programme is to strengthen the commitment of the key personnel to the company
and to align the goals of the shareholders and the key personnel in order to
enhance the value of the company.
The programme includes three earnings periods one year each, of which the first
one began on 1 January 2009 and the last one ends on 31 December 2011.
Potential rewards will be paid during the year following each earnings period
partly as shares and partly in cash. The proportion paid in cash will cover
taxes arising from the reward.
The basis for the determination of the reward is decided annually. Potential
rewards to be paid for the year 2009 will be based on the EVA result of Lassila
& Tikanoja group.
No reward will be paid if a key person's employment ends before the reward
payment. Any shares earned through the incentive programme shall be held for a
minimum period of two years following the payment of each reward. After that,
the Group Executives are still required to hold company shares with a value
equal to their gross salary for six months and the other programme participants
with a value equal to their gross salary for three months as long as they are
employed by the company. In the starting phase the programme covers 28 persons.
A maximum total of 180,000 Lassila & Tikanoja plc shares may be paid out on the
basis of the programme. Their value corresponds to approximately EUR 1.9
million calculated using the closing price of 24 March 2009. The shares to be
transferred as potential rewards will be obtained in public trading, and
therefore the incentive programme will have no diluting effect on the share
value.
LASSILA & TIKANOJA PLC
Jari Sarjo
President and CEO
For additional information please contact Jari Sarjo, President and CEO, tel.
+358 10 636 2810 or Keijo Keränen, IR Manager, tel. +358 50 385 6957.
Lassila & Tikanoja specialises in environmental management and property and
plant support services and is a leading supplier of wood-based biofuels,
recovered fuels and recycled raw materials. With operations in Finland, Sweden,
Latvia and Russia, L&T employs 9,500 persons. Net sales in 2008 amounted to EUR
606 million. L&T is listed on NASDAQ OMX Helsinki.
Distribution:
NASDAQ OMX Helsinki
Major media
www.lassila-tikanoja.com