12 September 2000
Kvaerner continues incentive programme for senior managers
LONDON, 12 SEPTEMBER 2000: The Board of Kvaerner ASA, the Anglo-Norwegian
engineering and construction Group, has decided to continue its share-based
incentive programme for senior managers worldwide, following the introduction
of the scheme in 1999. The decision to issue new shares for Group employee
incentive programmes follows the authority given to the Board at Annual
General Meetings of the Company for the last two years.
Under the programme, up to 100 managers will be granted options to buy a
certain number of ordinary shares in Kvaerner ASA at a purchase price of NOK
97, being equal to the price of the Company's A-shares, at the close of
business on 11 September 2000. The option to purchase shares may be exercised
within a five-year period, but not before the expiry of three years. The
options are further conditional upon the managers being employed by the Group
at the time of exercise and, additionally, that the development in the price
of the Kvaerner shares at least equals the development of the Oslo Stock
Exchange Industry Index at that time.
The options are being granted broadly on the same terms as last year. It is
estimated that this year's programme will comprise a total of 900,000 new
shares in Kvaerner ASA.
In the event that future General Meetings will not extend the current proxy to
issue new shares, the programme participants will be entitled to cash bonus
payments, corresponding to the value of the option at the time of exercise.
For further information:
Paul Emberley, Kvaerner PLC, +44 (0)20 7339 1035, firstname.lastname@example.org