Cramo executives invest in share ownership scheme

Cramo's three senior executives are together acquiring €2.5 million worth of shares in Cramo - equivalent to around 1% of its current market capitalisation - investing €0.5 million of their own money and receiving a €2 million loan from Cramo for the remainder of the shares.

The new share ownership scheme applies to Cramo's three executive committee members, namely: Vesa Koivula, president and chief executive officer (CEO), Göran Carlson, deputy CEO and Martti Ala-Härkönen, chief financial officer.

Cramo said the scheme was designed "to commit the Executive Committee members to the company by encouraging them to acquire and hold the company's shares and thereby to increase the company's long-term shareholder value."

The three executives have established a company called Cramo Management to acquire the shares. As part of the arrangement, Cramo will grant Cramo Management an interest-bearing loan for the maximum amount of approximately €2.0 million to finance the acquisition of the company's shares. The loan will be repaid in full by 31 December 2012.

The scheme will be valid until autumn 2012, or can be extended for two years if the share price of Cramo in November 2012 is below the average price that Cramo Management paid for the shares.