Amsterdam – 30th March 2011 – Head NV (VSX: HEAD; U.S. OTC: HEDYY.PK), a leading global manufacturer and marketer of sports equipment, announced today the resignation of a Supervisory Board Member and the exercise of the 2009 Stock Option Plans.
On the 29th March 2011, Mr Richard Hurowitz who joined the Supervisory Board of Head NV in May 2010 resigned after funds managed by Octavian Advisors L.P. sold their equity interest in Head NV. We would like to thank Mr Hurowitz for his contribution to the group over the last year.
On the 29th March 2011, Head Sports Holdings N.V. exercised the options granted under the May and September 2009 Stock Option Plans. In total these amounted to 12,847,179 options. These options have been satisfied by the transfer of 8,876,431 shares in Head NV held by the Company as treasury shares, and the issuance by Head NV of 3,970,748 new shares. Head Sports Holdings N.V., a Netherlands Antilles corporation, and its shareholders are controlled by Mr Johan Eliasch and his family members. As a result of this transaction, Head Sports Holdings N.V. and its shareholders will now control 66.28% of Head NV.
The total number of issued shares in Head NV therefore increases from 88,204,030 to 92,174,778.
The total number of own shares that Head NV hold after the exercise of these options now amounts to 260,022 (0.3%). Accordingly, the number of shares held by Head NV thereby has fallen below 5% within the meaning of Sec. 93/3 of the Austrian Exchange Act.
HEAD NV is a leading global manufacturer and marketer of premium sports equipment.
HEAD NV’s ordinary shares are listed on the Vienna Stock Exchange (“HEAD”).
Our business is organized into four divisions: Winter Sports, Racquet Sports, Diving and Licensing. We sell products under the HEAD (tennis, squash and racquetball racquets, tennis balls, tennis footwear, badminton products, alpine skis, ski bindings and ski boots, snowboards, bindings and boots and sportswear), Penn (tennis and racquetball balls), Tyrolia (ski bindings), and Mares/Dacor (diving equipment) brands.
For more information, please visit our website: http://www.head.com
Analysts, investors, media and others seeking financial and general information, please contact:
Clare Vincent, Investor Relations
Tel: +44 207 499 7800
Fax: +44 207 491 7725
E mail: email@example.com
Gunter Hagspiel, Chief Financial Officer
Tel: +43 5574 608
Fax +43 5574 608 130
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will” and similar terms and phrases, including references to assumptions, as they relate to Head N.V., its management or third parties, identify forward-looking statements. Forward-Looking statements include statements regarding Head NV’s business strategy, financial condition, results of operations, and market data, as well as any other statements that are not historical facts. These statements reflect beliefs of Head NV’s management as well as assumptions made by its management and information currently available to Head NV. Although Head NV believes that these beliefs and assumptions are reasonable, the statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These Factors include, but are not limited to, the following: the impact of the current global economic turmoil, weather and other factors beyond our control, competitive pressures and trends in the sporting goods industry, our ability to implement our business strategy, our liquidity and capital expenditures, our ability to obtain financing, our ability to compete, including internationally, our ability to introduce new and innovative products, legal proceedings and regulatory matters, our ability to fund our future capital needs, and general economic conditions. These factors, risks and uncertainties expressly qualify all subsequent oral and written forward-looking statements attributable to Head NV or persons acting on its behalf.
NL 1012 KK Amsterdam
Stock Market: Official Market of the Vienna Stock Exchange
HTM Senior Notes ISIN: XS0184717956 and XS0184719143
HTM Senior Secured Notes ISIN: XS0447202218 and XS044702309
Listing: Luxembourg Stock Exchange