BRUSSELS (5 June, 2000) - The Delhaize Group decided to launch a new stock option plan for its management. A maximum of 130,000 stock options on Delhaize shares are offered for free to about 450 managers in Belgium and executives in non-US operating companies of the Group. The U.S. companies of the Group are already offering stock option plans to their management.
The subscription period runs from 5 June until 3 August, 2000. From 1 June, 2004 until 20 December, 2006 the options can be exercised in the proportion of 1 new share for 1 option at a price of EUR 63.10 (BEF 2,545). On 31 May, 2000 the number of Delhaize shares amounted to 52,016,925. This decision has been taken by the Board of Directors, acting within the framework of the authorised capital.
'Our objective is to reward the active and long-term contribution of the management to the expansion of the Group and to the achievement of its results, whilst at the same time aligning the objectives of its managers more closely with those of its shareholders', according to Pierre -Olivier Beckers, Chief Executive Officer of the Delhaize Group.
The Delhaize Group intends to pursue this motivation plan for its management in the coming years by offering new stock options. In 1990 and 1996 the Delhaize Group offered to its managers in Belgium and in other operating companies of the Group the possibility to subscribe to a debenture with warrants.
The Delhaize Group is a food retailer headquartered in Belgium and listed on the Brussels Stock Exchange. The Delhaize Group operates in 11 countries and achieved in 1999 sales of EUR 14.3 billion (BEF 577.3 billion) and its net earnings amounted to EUR 169.9 million (BEF 6.9 billion). The Delhaize Group was operating 2,132 stores at the end of March 2000.
For any additional information you can contact:
Guy Elewaut,
Investor and Financial Press Relations Director, Delhaize Group
Tel: +32 (0) 2 412 29 48 or +32 (0) 477 50 07 96