UPM-Kymmene Corporation announces share subsriptions

In September, bonds totalling FIM 1,280,000 of the subordinated convertible bond loan of FIM 960 million, issued in 1994, were converted into 9,984 shares. An application will be submitted for listing the shares together with the old shares on the Helsinki Stock Exchange as of 13 October, 2000.

The company's number of shares to be entered into the Trade Register on 12 October, 2000 will increase to a total of 259,548,877 shares and the share capital will be EUR 436,529,868.84.

The annual period of conversion is from 1 January to 31 October. If the entire outstanding loan of FIM 536,440,000 (EUR 90.2 million) is converted into shares, there will be an additional 4,184,232 new shares and the company's share capital will increase by EUR 7,037,556.

In the loan one FIM 10,000 bond entitles to subscribe 78 shares, which results in a calculated conversion price per share of FIM 128.21 (EUR 21.56). There are no restrictions on transferring or assigning the shares. The shares subscribed under the issue entitle holders to dividend for the first time for the financial period, during which the exchange has taken place. Other shareholders' rights apply as soon as the increase in share capital has been entered into the Trade Register.

UPM-Kymmene Corporation has been granted permission by the Financial Supervision Authority on 2 June, 1998 not to publish an Offering Circular for the shares to be subscribed based on the above-mentioned loan.

 

UPM-Kymmene Corporation
Corporate Communications
11 October, 2000