In October, bonds totalling FIM 54,390,000 of the subordinated convertible bond loan of FIM 960 million, issued in 1994, were converted into 424,242 shares. An application will be submitted for listing the shares together with the old shares on the Helsinki Stock Exchange as of 15 November, 2000.
The company's number of shares to be entered into the Trade Register on 14 November, 2000 will increase to a total of 259,973,119 shares and the share capital will be EUR 437,243,392.66.
The annual period of conversion is from 1 January to 31 October. During the year 2000, bonds totalling FIM 120,790,000 were converted into 942,162 shares. In total, bonds of FIM 477,950,000 have been converted into 3,728,010 shares including all share subsciptions from previous years. If the entire outstanding loan of FIM 482,050,000 (EUR 81.1 million) is converted into shares, there will be an additional 3,759,990 new shares and the company's share capital will increase by EUR 6,324,014.
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.
13 November, 2000