TMK Announces the Completion of the First Stage of its Options Programme
OAO “TMK” announces the completion of the first stage of its three-year options programme (the Programme) Members of the Board of Directors, the Management Board and senior management were eligible to participate.
The Programme was approved in March of this year and split into three stages with options exercisable in 2007, 2008 and 2009. Participants can purchase up to 1.1% of the total ordinary shares in OAO “TMK”.
As of November 19th, 2007, the members of the Board of Directors in the aggregate held 444 275 shares or a 0,05 % share of TMK’s charter capital.
The members of the Management Board had acquired 711 338 shares, representing a 0,0815% stake in TMK’s charter capital.
Konstantin Semerikov, TMK’s CEO, said that the Programme was initiated to provide additional incentives to the top management of the company.
“We use best practices such as this option programme, to further motivate management to increasing the company’s market capitalisation”, he underlined.