Cloetta's employee convertible note offer oversubscribed

Cloetta's employee convertible note offer oversubscribed

In accordance with the previously announced resolution passed by the
extraordinary general meeting of Cloetta on 20 March 2009, the employees in
Cloetta were offered the opportunity to subscribe for convertible notes in
Cloetta during the period from 27 March to 8 April 2009. Pursuant to the offer,
a total of 155 employees have subscribed for convertible notes with an aggregate
principal amount of more than SEK 39.5 million. In view of the maximum permitted
capital dilution of 4% and with consideration to the established conversion rate
of SEK 30.40, the convertible debenture loan may amount to not more than SEK
30.5 million. The employee convertible note offer is thus oversubscribed.
The convertible notes run from 14 May 2009 until 30 March 2012 and will bear
interest at a rate equal to STIBOR plus 2.5 percentage points. The convertible
notes can be converted to class B share in Cloetta during the period from 25
February 2011 to 25 February 2012 at a conversion rate of SEK 30.40. 

“We are very pleased that the convertible note programme has created such a
strong interest among the employees in investing in the company,” says Cloetta's
CEO Curt Petri. “I am convinced that widespread ownership among our employees
will contribute to further strengthening their commitment, which will enhance
our future outlook in terms of both market development and earnings. Improved
profit growth and a stronger sense of solidarity with the company are of mutual
interest to both Cloetta's employees and our shareholders,” concludes Curt
Petri. 


The information in this press release is subject to the disclosure requirements
of Cloetta AB (publ) pursuant to the Swedish Securities Market Act. The
information was submitted for publication on 4 May 2009, 15:00 CET.


For further information contact
Curt Petri, Managing Director and CEO, mobile +46 70-593 2169 or 
Kent Sandin, CFO, mobile +46 70-582 7795

About Cloetta
Founded in 1862, Cloetta is the oldest and only major wholly Swedish
confectionery company in the Nordic region. The company's best known brands are
Kexchoklad, Center, Plopp, Polly, Tarragona, Guldnougat, Bridge, Juleskum,
Sportlunch and Extra Starka. Cloetta has two production units in Sweden, one in
Ljungsbro and one in Alingsås. For the period from 1 September 2007 to 31 August
2008, Cloetta reported pro forma net sales of approximately SEK 930 million. As
of 16 February 2009 Cloetta's class B shares are traded on NASDAQ OMX Stockholm.
www.cloetta.com