The Tomra Systems ASA Board has in accordance
with proxies given at the Annual General Meetings
of 22 April 2004 and 19 April 2005, redeemed
vested options under the Group`s optionprograms
for management and employees.
Management program 2004-2006
Out of 931,050 vested, not exercised options at a
strikeprice of NOK33.10, 851,050 are today
redeemed.
Management program 2005-2007
Out of 2,023,850 vested, not exercised options at
a strikeprice of NOK27.73, 1,790,350 are today
redeemed.
Employeeprogram 2003-2008
Out of 862,875 vested options at a strikeprice of
NOK45.10, 345,317 are today redeemed.
Employeeprogram 2004-2009
Out of 450,801 vested options at a strikeprice of
NOK40.10, 263,179 are today redeemed.
Employeeprogram 2005-2010
Out of 1,223,312 vested options at a strikeprice
of NOK33.30, 859,185 are today redeemed.
There has not been any share issues as a
consequence of the redemptions. For employees and
managers wanting to take title to the shares,
treasury shares held by the company have been
sold. Total number of treasury shares sold equals
68,305 at an average price of NOK 30.93.
Employees and managers wanting to collect the
gain, will be compensated in cash, total NOK 93.8
million. The gain per option equals the
difference between today`s closing price of NOK
55.50 and the strikeprices of NOK 27.73, 33.10,
33.30, 40.10 and 45.10 respectively.
Primary insiders
Included in the above figures are the following
primary insiders (the number shows number of
options redeemed, shareholding, and number of
options kept after the redemption)
Espen Gundersen (100000 at a strike of 27.73, 0,
0)
Fredrik Witte (20000 at a strike of 33.10 and
50000 at a strike of 27.73, 1100, 0)
Greg Knoll (75000 at a strike of 33.10 and 95000
at a strike of 27.73, 0, 0)
Harald Henriksen (56000 at a strike of 33.10 and
65000 at a strike of 27.73, 0, 30000)
Heiner Bevers (15000 at a strike of 33.10 and
40000 at a strike of 27.73, 2000, 10000)
Håkan Erngren (30000 at a strike of 27.73, 0, 0)
Håkon Volldal (25000 at a strike of 27.73, 0, 0)
Karen Michelet (960 at a strike of 45.10 and 1020
at a strike of 33.30, 2020, 960)
Terje Hanserud (50000 at a strike of 33.10 and
20000 at a strike of 27.73, 44868, 50000)
Trond Johannessen (50000 at a strike of 27.73,
2000, 0)
Ragnhild Ringheim (4000 at a strike of 33.10 and
9750 at a strike of 27.73 and 1200 at a strike of
45.10, 0, 1200)
The redemption will not have any P/L-impact, as
the Group accounts for the option programs in
accordance with IFRS 2, where the calculated
market value for the options is expensed over the
vesting period.
From 2006, Tomra will not longer use options as
incentives for its employees and managers and
therefore no new option programs will be
introduced. Instead a cash based bonus-systems
tied to the Group financial performance will be
launched. The number of exercised options has to
be looked upon in this perspective.
For further information, please contact:
President and CEO Amund Skarholt +47 97 55 94 25
Asker, 3 March 2006
Tomra Systems ASA