Solar’s Supervisory Board will grant a total of some 43,000 share options to its Executive Board and Management Team in 2013. The total market value of these options is estimated at approx. € 0.3m.
The Supervisory Board will again grant options to the Executive Board and Management Team in 2013. The exercise price will be fixed at the average price on NASDAQ OMX Copenhagen for the first 10 business days after publication of Annual Report 2012 on 6 March 2013.
Grant date is 20 March 2013 when the exercise price will also be calculated. The number of options will not be fixed until this date but is expected to total some 43,000 share options, including the Executive Board’s share. The Supervisory Board will also grant options in the coming years.
Total market value of the granted options is estimated at approx. € 0.3m, calculated using the Black-Scholes model with a volatility of 35% (based on the past 36 months), an interest-rate level of 4%, a share price of DKK 250 and subject to the condition that granted options must be exercised in March 2016. The valuation takes into account future dividend distribution, corresponding to 3% of the share price.
Exercise of share options
Share options issued in 2013 can be used to acquire shares in the company in 2016 and 2017. However, exercise can only be made within the first 10 banking days following publication of the company's annual reports for 2015 and 2016, respectively.
Exercise of share options is conditional on the individual employee not having resigned from
the group before the exercise date.
Background on Solar’s incentive scheme
In 2006, the Supervisory Board established an incentive scheme for the Executive Board, extending the scheme to cover the Solar Group’s Management Team in 2008. Under this scheme, share options are granted that entitle the holder to buy shares from the company's holding of treasury shares. The reason for establishing the scheme was a wish to involve leading employees more in the group and to create a share price-dependent incentive for
participants, thus enhancing agreement between the interests of shareholders and participants. As at 31 December 2012, share options outstanding totalled 78,284.
Chairman of the Supervisory Board
Solar A/S was established in 1919 and listed on the Copenhagen Stock Exchange in 1953. Solar is one of Northern Europe’s leading technical wholesalers within electrical, heating, plumbing and ventilation products. The group, based in Kolding, Denmark, has subsidiaries in Denmark incl. the Faroe Islands, Sweden, Norway, the Netherlands, Belgium, Germany, Poland and Austria. Solar also owns Aurora Group, a leading Scandinavian distributor of accessories for consumer electronics that operates in Denmark, Sweden, Norway and Finland. In 2012, Solar Group revenue totalled € 1,700.9m, equating DKK 12.7bn. The group has approximately 3,600 employees.
For more information, please visit: www.solar.eu.
The announcement was published in Danish and English on 6 March 2013 via NASDAQ OMX Copenhagen. In the event of any discrepancy between the Danish and English versions, the Danish version shall prevail.