On 27 August 2010, TK Development A/S completed (1) a capital reduction of
nominally DKK 140,219,050, thus reducing the denomination of the Company's
shares from DKK 20 to DKK 15, and (2) a capital increase with 14,021,905 new
shares of nominally DKK 15 being issued, i.e. a combined capital increase of
nominally DKK 210,328,575, subscribed for at a price of DKK 15 per share.
The subscription price for the newly issued shares was lower than the market
value of the shares, for which reason the Supervisory Board of TK Development
A/S has decided to adjust the number of warrants allotted to the members of TK
Development A/S' Executive Board and executive staff of the Company and
subsidiaries, as well as the subscription price when exercising the warrants.
This was done in accordance with the Company's Articles of Association and the
existing warrant schemes.
The adjustment was made to ensure that the value of the warrants for the
employees will be maintained after implementation of the said alterations to
the capital structure of TK Development A/S. The adjustment means that the
employees will be allotted a number of additional warrants, and that the
subscription price upon exercise of the warrants will be reduced.
The consequences of the adjustment are included in the full announcement
(attached pfd file).
At the same time, Articles 2 C and 2 D of the Articles of Association have been
altered to reflect this adjustment.
Further information is available from Frede Clausen, President and CEO, tel.
+45 88 96 10 10.
