25.04.2012 - 12:30
Konecranes Plc’s Annual General Meeting of Shareholders approved the Konecranes Employee Share Savings Plan (the Plan) on March 22, 2012. The Plan will be launched in the Konecranes Group globally. The aim of the Plan is to encourage Konecranes employees to become shareholders in the Company and to reward the employees for their efforts in working toward Konecranes’ goals, now and in the future. Another objective is to strengthen the tie between Konecranes shareholders and employees.
The Annual General Meeting of Shareholders authorized the Board of Directors to decide on the detailed terms and conditions of the Plan, on the Plan periods and on their detailed terms and conditions, and to implement the Plan at its discretion, considering especially the legislation and other regulations applied to the Plan in each country where the Group operates.
The Board of Directors approved the detailed terms and conditions of the Plan and the commencing Plan period. The Plan will be offered in about 40 countries to approximately 11,000 employees. A few countries have been ruled out at this phase due to local legal restraints. The commencing plan period will begin on July 1, 2012 and end on June 30, 2013. The maximum monthly saving is 5 percent of each participant’s monthly gross salary and the minimum monthly saving per employee will be EUR 10. Each participant will receive one free matching share for every two acquired savings shares. Matching shares will be delivered to a participant if the participant holds the acquired shares from the plan period until the end of the designated holding period, February 15, 2016, and if his or her employment with a company has not been terminated on the last day of the holding period on bad leaver terms.
An employee will participate in the Plan for one year at a time. Shares will be acquired with the accrued savings at the market price quarterly, after the publication date of the Konecranes interim results, commencing in November 2012. Any dividends paid on purchased shares during the commencing Plan period will automatically be reinvested into additional shares on the following purchase date. These shares will have an equal right to matching shares.
More detailed information on the Plan is available in the stock exchange release issued on March 22, 2012.
The Board of Directors
Mikael Wegmüller, Vice President, Marketing and Communications, tel. +358 20 427 2008
Miikka Kinnunen, Director, Investor Relations, tel. +358 (0)20 427 2050
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. In 2011, Group sales totaled EUR 1,896 million. The Group has 11,700 employees at 609 locations in 47 countries. Konecranes is listed on the NASDAQ OMX Helsinki (symbol: KCR1V).
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