OMX Nordic Exchange Copenhagen A/S
Announcement no. 9/2008
Grant of warrants and share options for employees
Copenhagen, 29 May 2008. Maconomy's Board of Directors have 28 May 2008 decided
to grant a total of 447,500 warrants and 52,500 share options to 54 employees
in the group (related to the Maconomy share with securities identification code
DK0010274174). This grant constitutes the first round in a revolving incentive
programme that will run on an annual basis. The grants are meant to support
Maconomy's ability to retain and attract key employees.
The grant of warrants is conducted under the authorisation of the Articles of
Association § 18.8 whose terms are further described in appendix 3 to the
Articles of Association. The most significant terms of the grants are as
follows: The warrants can be exercised two years after the grant date and
expire four years after the grant. They can be exercised twice a year during
five-day windows. The subscription price is DKK 17.70 per share and has been
determined based on the average price of trades made on OMX Nordic Exchange
Copenhagen five trading days before the decision to grant the warrants was
made, plus 5 percent. Hence, the value of granted warrants is valuated in
accordance with the Black & Scholes method, at a volatility rate of 35 percent
and an interest rate of 4.2 percent, to DKK 4.50 per warrant, resulting in a
total of DKK 2,014K.
Maconomy prefers to grant warrants. However, tax issues in some countries mean
that share options are a more appropriate instrument from the employees' point
of view. Accordingly, the Board of Directors have approved the grant of 52,500
share options in total as an alternative to warrants. The terms for exercising
the share options are identical to the terms stated above. Similarly, the value
of granted share options can be determined in accordance with the Black &
Scholes method to DKK 4.50 per share option, resulting in a total of DKK 236K.
Jan Jensen, elected by the employees as member of the Board of Directors, is
comprised by the grant due to his function as employee in Maconomy. As member
of the Board of Directors Jan Jensen is comprehended by the insider rules in
pursuance of the Danish Securities Trading Act, for which reason the following
information is given. Jan Jensen is granted 10,000 warrants on the terms
mentioned above and a value of DKK 45,000 in accordance with the Black &
Scholes method. Other than that, neither the Board of Directors nor the
Corporate Management are comprised by the grant.
Additionally, the Board of Directors have decided to hedge the grant of share
options by purchasing a corresponding number of own Maconomy shares.
Thomas Hartwig
Chairman of the Board
Further information:
Hugo Dorph, CEO
Tel: +45 35 27 24 24
E-mail: ir@maconomy.com
This announcement has been prepared in Danish and English. The Danish version
is to be considered the original version for official purposes and in case of
any discrepancies between the two versions the Danish version shall prevail.
