Copenhagen, 5 April 2016 - Zealand announces the grant of warrants to the company’s executive management, senior management and employees. The warrants are granted under the warrant program covered by the authority pursuant to Section 8.4 of Zealand’s Articles of Association, adopted at Zealand’s General Meeting on 21 April 2015.
The warrant program is an incentive scheme reflecting Zealand’s objective to attract and retain first-rate employees and help ensure shared short and long-term interests for the management, employees and the shareholders of the company.
A total of 447,250 warrants have been granted, giving the rights to subscribe up to 447,250 new Zealand shares with a nominal value of DKK 1 each and corresponding to 1.8% of the company’s total outstanding share capital. The exercise price is DKK 142.45, calculated as the closing price of Zealand’s shares on Nasdaq Copenhagen on Monday 4 April 2016 plus 10%.
The exercise of the warrants may take place, in whole or in part, in defined time windows from 5 April 2019 until and including 5 April 2021. The warrants granted to President and CEO, Britt Meelby Jensen, may be exercised, in whole or in part, in defined time windows from 5 April 2017 until and including 5 April 2021. The exercise time windows for all granted warrants are defined as four weeks following the publication of Zealand’s full year reports or interim reports for the first quarter, first half or first nine months, respectively.
The total number of new warrants granted has a combined market value of DKK 27,878,136.07 calculated on the basis of the Black-Scholes model including a 180 days historic volatility of 61.1%, a 5-year risk free interest rate of -0.04% and a share price of DKK 129.50.
