Stora Enso shares subscribed and converted 

 

 

A total of 75 000 new Stora Enso Series R shares have been subscribed under the terms of the bonds with warrants issued to members of the senior management on 10 April 1997. Enso Oy's Annual General Meeting approved the option programme on 7 April 1997. According to the terms of the option programme, the exercise period is 1 December 1998 to 31 March 2004, during which a maximum of 3 000 000 new Stora Enso Series R shares may be subscribed at a subscription price of FIM 45.57 (about EUR 7.66) each. Following the share capital increase, a further 789 000 Series R shares may be subscribed under the Stora Enso option programme for management (1997).

 

Conversion of A shares into R shares

 

During the 1 - 28 November 2003 conversion period there were 30 conversions and a total of 314 157 Series A shares were converted into R shares.

 

Effect on share capital and breakdown of shares

 

The issue of new shares will increase the company's share capital by EUR 127 500 to EUR 1 469 246 248.30. The increase in share capital and converted shares were registered in the Finnish Trade Register on 12 December 2003 and the new R shares will be eligible for trading on the Helsinki Exchanges from 15 December 2003.

 

Breakdown of shares following the increase and after conversion:

 

For further information, please contact:

Ulla Paajanen-Sainio, Vice President, Investor Relations and Financial Communications, tel +358 2046 21242