Announcement for the exercise of stock option rights
LAMDA Development S.A. (herein the Company), by implementing the approved by the Annual General Meeting of the Shareholders dated 23.06.2006, stock option plan for the acquisition of the Companys shares from the members of the Board of Directors, Company employees and its subsidiaries, in the sense of article 42e of C.L.2190/1920 and as it was modified according to the decision of the Annual General Meeting dated 20.05.2010, announces that for the period 01.12.2010 to 15.12.2010 it is requested by:
a. 13 beneficiaries, to whom non transferable stock option rights have been granted based on the 07.06.2007 Board of Directors decision, to exercise their stock option rights totally or partially for the acquisition of up to 138.490 common registered shares, at the issue price of 7,5 euro per share (initial year of exercise December 2009, total rights that have been granted 138.490, remaining rights to be exercised 138.490).
b. 26 beneficiaries, to whom non transferable stock option rights have been granted based on the 17.12.2008 Board of Directors decision, to exercise their stock option rights totally or partially for the acquisition of up to 505.750 common registered shares, at the issue price of 2,5 euro per share (initial year of exercise December 2010).
1. Stock option rights can be exercised totally or partially after a three (3) years period from the end of the fiscal year that the rights refer and for the next three fiscal years thereafter. After this period, all rights that have not been exercised will be lapsed. The issue price will be determined as the average of the price of the share for the two previous months from the date where the rights were issued, decreased by 35% to 55%, a percentage of decrease that the Board of Directors will decide.
2. Depending on the number of the exercised stock option rights and the timely payment on the part of the beneficiaries of the corresponding amount, the Board of Directors will convene right after the expiration of the stock option exercise period and will resolve on the certification of the share capital increase of the Company, without amendment of its Articles of Association, pursuant to article 13, par. 13 of C.L. 2190/1920, and issue new ordinary registered shares. Subsequently, the Board of Directors shall take all legal actions, in accordance with the law in force, in order for the shares corresponding to the exercised rights to be listed for trading on the Athens Stock Exchange.
3. The fully paid share capital of the Company as of today, before the aforementioned share capital increase amounts to 13.208.985 euro, divided into 44.029.950 common registered shares with a nominal value of 0.30 euro each.
4. Full description of the Stock Option Plan according to the decision of the Annual General Meeting of the Shareholders dated 23.06.2006, as it was modified according to the decision of the Annual General Meeting of the Shareholders dated 20.05.2010 and specialized further with the specific terms of the decision of the Board of Directors dated 01.11.2010 is posted on the Companys website www.lamda-development.net.