Citycon Oyj Stock Exchange Release 19 March 2024 at 16:05
The Board of Directors of Citycon Oyj has decided to launch new stock option plan for key employees. The company has a weighty financial reason for the issue of stock options, since the stock options are intended to form part of the Group's incentive and commitment program for the key employees. The purpose of the stock options is to encourage the key employees to work on a long-term basis in order to increase shareholder value. In addition, the stock options aim to commit the key employees to the company.
The maximum total number of stock options to be issued is 350,000 and they entitle their owners to subscribe for up to an equivalent number of new shares in total in the company or existing shares held by the company. The stock options are issued gratuitously. Stock options are marked with the symbol 2024.
The shares subscribed for with the stock options to be issued will account for a total maximum of 0,19 per cent of all the company's shares and votes after possible share subscriptions if new shares are issued in the subscription. As a result of the share subscriptions made with the stock options, the number of shares in the company may increase by a total maximum of 350,000 shares if new shares are issued in the subscription.
The share subscription price for stock options 2024 is 4,05 euros per share.
The share subscription price will be credited to the company's reserve for invested unrestricted equity.
The share subscription period for stock options 2024 is from 1 March 2027 to 29 February 2028.
The theoretical market value of one stock option 2024 is approximately 0,27 euros. The theoretical market value of the stock options 2024 is approximately EUR 93,000 in total. The theoretical market value of a stock option has been calculated by using the Black & Scholes model taking into account the subscription price of the stock option and the following input factors: share price EUR 3,83, risk-free interest rate 2,7%, validity of stock options approximately 4 years, volatility approximately 25,2% and dividend yield approximately 8,7%.
The Board of Directors decided on the new stock option plan based on the authorisation given by the Annual General Meeting of Shareholders on 19 March 2024. The target group of the stock option plan consists of four key employees.
CITYCON OYJ
For further information, please contact:
Sakari Järvelä
Chief Financial Officer
Telephone +358 50 387 8180
sakari.jarvela@citycon.com
Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.0 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
Citycon has investment-grade credit rating from Standard & Poor's (BBB-). Citycon’s shares are listed on Nasdaq Helsinki Ltd.
www.citycon.com
Attachments: Terms and conditions of the Citycon Oyj Stock Options 2024